On the recordOctober 27, 2015
I thank the chairman. I thank Mrs. Wagner for her leadership on this important issue. Mr. Speaker, I rise today in support of the Retail Investor Protection Act. Let me be clear. We all agree that investment advisers should act in the best interests of their clients, and we all want to ensure that low- and middle-income investors get good financial advice. But in life and in the world of public debate, we are not just responsible for our intentions; we are also responsible for our results. That is the problem with the Department of Labor's fiduciary rule. Whatever their intentions, the results of this administration's policy will hurt the very people they are saying they are trying to help. Here is why: The rule will increase the cost of financial advice and force working class investors to pay higher fees. The fact is that most investors can't afford these fees. As a result, millions of investors will get no advice at all. That is not good for anybody. The bill today will delay the implementation of the new so-called ``fiduciary rule'' and ensure that investors continue to have access to sound financial advice. I urge my colleagues to protect lower and middle class investors and stop this administration's so-called ``fiduciary rule.''
