Political Quotes

“Mr. Chair, Republicans claim that section 202 purports to modernize retirement options for nurses, teachers, and nonprofit workers. Let me be clear: It does not. In reality, this provision opens these workers' retirement accounts called 403(b) plans to complex, high-fee products like collective investment trusts and variable annuities. It also removes these plans from the protections and oversight of our Federal securities laws. I cannot imagine why we would want to make it more difficult and dangerous for some of the most valuable members of our community to save for retirement, but that is exactly what section 202 does. We did not debate this section. We did not have a hearing on it. No one has asked questions about it. I have to wonder, why is it here? Is it because those whose savings are in 403(b) plans, the teachers and nurses, asked for it? No, they did not. They do not support this provision. In fact, this section is opposed by major unions and investor protection groups.”