WASHINGTON -- Rep. Elijah E. Cummings, who is considering a run for Senate in Maryland, called Tuesday for tougher regulation of financial advisers who help people plan for retirement, becoming the latest Democrat to weigh into an issue under review by the Obama administration.
"In my neighborhood, when someone tries to trick you out of your money and rip you off, we call it a 'hustle,'" the Baltimore Democrat said, repeating an often used line about how his 7th Congressional District is based in the "inner-inner city."
"But sadly, today, thanks to loopholes and outdated rules, some financial advisers can hustle hard-working Americans out of their retirement savings by selling them a lousy investment," he said.
Cummings launched the Middle Class Prosperity Project earlier this year, before anyone knew Sen. Barbara A. Mikulski would announce her retirement in 2017. Still, many state Democrats are closely watching Cummings for any sign of whether he'll seek the seat -- a move that could shake up the fledgling race.
Reps. Chris Van Hollen of Montgomery County and Donna F. Edwards of Prince George's County are the only two to enter the contest so far. Nearly a dozen possible contenders continue to circle each other as they consider getting into the race.
Cummings, the top-ranking Democrat on the House Oversight Committee, has a high-profile partner in the effort to draw attention to middle class issues: Massachusetts Sen. Elizabeth Warren, who some progressives hope will seek the Democratic nomination for president in 2016. Both lawmakers have been working on the issue for years.
The hearing on Capitol Hill Tuesday marked the project's second meeting. Democratic lawmakers heard testimony from families who had been swindled out of retirement savings.
The U.S. Department of Labor announced last month that it will seek new rules to require brokers to disclose fees or other payments they receive for recommending investments. A similar effort failed in 2010 following push back from Wall Street.
"Americans should not have to wonder whether the person advising them on how to invest their retirement savings is actually running a hustle," Cummings said. "This is illegal when it happens on the street corner and it should be illegal when people are seeking financial advice."