Maxwell Frost: “Mr. Speaker, both the underlying bill and the Democratic substitute address an issue of great importance to the millions…”

“Mr. Speaker, both the underlying bill and the Democratic substitute address an issue of great importance to the millions of Americans who will depend upon participant-directed pension accounts for their retirement income. Nowadays, fewer and fewer employees have traditional pension plans. That means that more and more will depend heavily on investments for their retirement income. Currently, approximately 42 million workers participate in such accounts. It is very important that these workers have access to sound financial planning and advice to help them make the most of their investments. It is also critical that the advice they receive is unbiased and in their best interests, not for the benefit of the advisor or counselor or the businesses they represent. The Democratic substitute makes important improvements in the underlying bill. Specifically, the Andrews-Rangel substitute allows employees to receive investment advice and education from their employers, while still being protected from conflicts of interest and unqualified investment advisors.”