Political Quotes

“I thank the distinguished ranking member for yielding. The gentleman has worked so hard on this with so many others. Mr. Speaker, this fiduciary rule has had a long, dedicated and deliberative journey. The administration first issued proposed regulations on this issue in 2010. They received many comments from consumer and industry groups, and they decided to redraft the proposal. That new proposal, issued last year, prompted more than 3,000 comment letters. The administration and the Department of Labor actively took these comments and the numerous consultations on all sides of this issue into account when they prepared the final draft of the rule. It is the way government should act. What the Department of Labor rule does is strengthen the trust between a financial adviser and their client. It says that a fiduciary or financial adviser must act in their clients' best interest. The Republicans oppose this rule guided by their ideological blinders. {time} 1400 This rule is important because when the Employee Retirement Income Security Act, ERISA, was first passed in 1974, 401(k) plans did not yet exist and IRAs had just been created. Today, more Americans have 401(k) plans than pension plans and must manage their own investments. Republicans today continue their claim that this rule will make it more difficult for small businesses and low- and middle-income Americans to get financial advice because it will cost them more.…”