Ed Royce: “Here is what we do know. We do know that the negative impact of this rule on consumers is not hypothetical. The reason…”

“Here is what we do know. We do know that the negative impact of this rule on consumers is not hypothetical. The reason we know it is because the United Kingdom has already lived through an effectually identical rule. The result in the UK was an advice gap that locked out nearly half a million middle-and low-income savers. Just last week, the head of the SEC's Division of Economic and Risk Analysis admitted that the Labor Department knew of the disastrous impact of what he termed the experiment in the UK that locked out these middle-income and low-income savers from advice, yet it moved forward to put us on that same path. Mr. Speaker, we live in a country that ranks 19th in the world for retirement security. Half of Americans cannot find $400 in savings if hit with an emergency. We should be doing more to encourage Americans to save. This rule, obviously, does exactly the opposite. I urge my colleagues to support this resolution.”