Political Quotes

“I want to read one paragraph from the letter because it says better than anything I could say what is wrong with the fiduciary rule that is proposed by the Department of Labor. First, the final rule makes it harder to provide retirement plans to small businesses or any business that has less than $50 million in assets. . . . The broadened definition of investment advice includes routine communications where no intention to provide individualized fiduciary advice has been expected. It exempts anybody with over $50 million in assets from being applied to the rule and includes everybody with under $50 million. The President of the United States has said, as have so many of us on the floor of the Senate, that it is time for us to end too big to fail. Since what happened in 2008 to our people and our economy, we know that businesses get so large, they get unwieldy, and that they get so strong, sometimes the little guy can get crushed. But here is a rule that is proposed to help the little guy, and what does it do? Under the law, it exempts the big guys if they have $50 million or more in assets, but if they have $50 million or less in assets, it imposes 672 pages of new definitions of fiduciary rules. Again, it is a solution in search of a problem that does not exist. It also has a broad number of restrictions on IRA investment advice that investment adviser can give to an IRA saver.…”