Political Quotes

“Mr. Speaker, planning for retirement can be a difficult and often bewildering task. Consumers have to choose from a complex web of plans, including traditional IRAs, Roth IRAs, SIMPLE IRAs, Qualified Plans, 403(b) accounts, or 529 plans. Let's face it, the average American oftentimes has a difficult time understanding what these types of plans do, which is why it is necessary to have licensed, professional retirement advisers and financial advisers to help navigate the system. Today, baby boomers are retiring at a rate of 10,000 a day. In 2014, an estimated $325 billion was withdrawn from 401(k) plans in the United States for retirement purposes. This is a big deal. But the Obama administration is now proposing new rules that will make it so costly to use a retirement adviser, most low- and medium-income families will be locked out. This is just not right. The heavy burdens imposed by the administration's fiduciary rule could result in fewer Americans saving for retirement using private- sector vehicles such as 401(k)s or IRAs. Don't take it just from me. Take it from a licensed financial adviser from my hometown of Lafayette, Louisiana, who said the following in comments to the Department of Labor: ``This proposed regulation could force some investors into a fee-based account arrangement which could actually be to their detriment.…”