Political Quotes

“I yield myself such time as I may consume. Mr. Speaker and Members, H.R. 2374 is yet another attempt by Republicans to prevent our regulators from doing their job, this time protecting the average retail investor when they try to save for retirement. Under this bill, the Securities and Exchange Commission would have to navigate new obstacles to harmonize the standard of care broker-dealers and investment advisers have when providing investment advice. The Department of Labor would have to wait possibly forever to update its rules protecting 401(k) and IRA plan participants. H.R. 2374's restrictions put additional work in the way, stopping brokers from SEP dealing when selling investment products to Main Street. Several studies have demonstrated that Americans do not understand that a broker does not necessarily have the investor's best interest when pushing financial products. The line between advisers and brokers has blurred over the last few decades, and this bill makes it harder to bring clarity for investments. Mr. Speaker and Members, this administration has taken a strong stand against this bill. Let me read to you from the letter that they have sent to us, and I would like to offer this for the Record: The administration strongly opposes passage of H.R.…”