Political Quotes

“I thank my friend from Tennessee for bringing this legislation forward. Mr. Speaker, what we are trying to do here is help people and encourage more savings. 401(k) plans were so good at making it easy for people to save money for their retirement. Frankly, we should be doing as much as we can here in Washington to make it even easier to encourage more people to save for their retirement. But here comes the Department of Labor and, literally, with this massive document to define one word--what the term ``fiduciary'' means--is going to make it dramatically harder for Americans to save money for their retirement. Anybody who thinks that this massive document, defining the ability for people to save money, is going to make it easier or make it less costly to save money doesn't understand just how many teams of lawyers will be employed to go and try to figure out what this means. What it will mean, Mr. Speaker, is that the cost for hardworking taxpayers to go and put more money in their retirement is going to go up dramatically. It also means--and you want to talk about a perverse incentive--the rule, this massive rule, actually imposes even more burdens on small businesses than it does on large businesses. So the very engine of our economy--small businesses--will literally have to face the question of whether or not they can even afford to provide 401(k) services to their employees. Employees love the ability to have a 401(k).…”