The AFL-CIO is urging members of the Senate Banking Committee to halt movement on the Responsible Financial Innovation Act, warning, in a new letter, that the legislation could expose workers’ retirement savings and the broader financial system to significant new risks. The labor federation outlined its concerns in a letter to Chairman Tim Scott, Ranking Member Elizabeth Warren, and other committee members.

According to the letter, the AFL-CIO objects to reports that the bill may be marked up before the end of the year despite the absence of publicly released final text and what the organization describes as a lack of meaningful engagement on the issues raised about earlier drafts. The federation notes that the committee’s majority has not undertaken a bipartisan drafting process on the l

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