Denise Majette: “in our rush to pass this legislation, we have failed to consider the needs of the American worker today. I would like to…”

“in our rush to pass this legislation, we have failed to consider the needs of the American worker today. I would like to note my thoughts about this legislation, including what it does and also, importantly, what it does not do. This bill includes a number of provisions that are necessary, including some that are long overdue, but fails to consider some other needs that should be addressed. For too long, investors have been putting their hard-earned money into investments, including the stock market, without understanding all of the benefits of diversification into different investment options. This bill will allow employers to provide workers with investment advice concerning the divestiture of their plan assets. I am very pleased that this bill also requires investment advisors to disclose any conflicts of interest. I know that plan fiduciaries take their obligations to provide good advice seriously and workers should expect from these advisors no less than the best, most honest financial advice possible. It is my hope that workers, armed with competent, professional investment advice, will translate this knowledge into secure retirement plans that meet their individual needs. I am pleased that workers will no longer be making investment decisions without receiving this financial education. For too long, workers have been forced by some companies to hold the majority of their assets in their own company's stock.”