Political Quotes

“I thank the chairman. Today, I rise in support of legislation that will protect hard- working Americans' access to retirement advice. The Labor Department is aggressively pushing a flawed rule which might be a political win for the Obama administration but would come at the expense of Americans trying to save for retirement. This is why I cosponsored the Retail Investor Protection Act. The administration claims the plan that they have put forward will help people trying to save for retirement. Instead, it would hurt many of them. The Labor Department has proposed restricting retirement advice and reducing options for what financial instruments can be used to save for the future. Most concerning, the regulatory costs would hit those who have had difficulty saving the hardest. One firm in my district with dozens of offices that serve more than 30,000 customers told me that they fear the Labor Department proposal will make it impossible to offer quality services to low- and middle-income customers. {time} 1700 Clearly, the administration has no concept of what these rules will mean for Main Street investors, and they have chosen to ignore the benefits provided by retirement advisers. My constituents tell me they save more because of the advice they get. Relatively simple advice, such as not making irrational decisions in volatile markets, is incredibly valuable, especially for less sophisticated investors.…”