AARP – American Association of Retired Persons

  • (p37) – AARP – Cristina Martin Firvida, Director, Financial Security and Consumer Affairs – There are two additional things that I would just like to add briefly, because we have talked a lot about the litigation risk in this rule. And I would like to make sure that we say today, reminding everyone that the litigation that is permitted in the rule is class-action litigation. And there are two things about that we need to remember.
    • ⇒  First, there has to be a systemic problem before a class-action cause of action can be brought, and I think that we can all agree that if there is a systemic issue in advice that is being provided, we would want to address that. So this is not about individual rights of action. This is about a systemic problem that affects a class.
    • And second, it is extremely difficult to certify a class, extremely difficult and more so in recent years after certain Supreme Court cases have been decided. So I really just wanted to make sure that we were all clear on what is the scope of the litigation risk.

2017 0713 – GOV (House) – Impact of the DOL Fiduciary Rule on the Capital Markets, Bill Huizenga (R-MI)  —  [BonkNote]

  • (p82) – Senator Alan Simpson (R-Wy) – The other one, I think, is that some semblance of really doing something for your members.
    • The AARP we intercepted one of their own internal memorandum-60 percent of their members have no idea where they stand.
    • Sixty percent of the membership has no concept of what position they’ve taken.
      • And the reason for it is, they don’t get their money from their members and from contributions.
        • They get it from Prudential Life Insurance Co. at $101 million a year; they get it from New York Life; from Hertz; from Hartford.
      • I mean, this is where they get their bucks.
        • So why should they be responsive to their dues paying members?
      • That to me is a very egregious thing. And those are the areas I’m dabbling with. 

1995 0629, 0728 and 0802 – GOV (House) – Abuse of Taxpayer Funds to Subsidize Lobbying and Political Activity, David McIntosh (R-IN) – 

House – Committee on Government Reform and Oversight – Subcommittee on National Economic Growth, Natural Resources, and Regulatory Affairs