Political Quotes

“let me try to explain the problem with the advice sections of the bill that is on the floor. What my colleagues have done in this legislation is remove the prohibited transaction on giving advice by the agent that is selling the product to the employee. What does that mean? That means an employer can hire an investment company that will be responsible for the investment options that the participant must participate in, and the actual person giving the advice to the participant makes a commission based upon what product that individual sells. Under current law, that is a prohibited transaction and is not allowed. Under the legislation that has been reported to the floor, that is now permitted without any protection basically in the bill at all. I regret that I cannot support this legislation. Let me just take my colleagues back to the last Congress where I thought we tried to work in a bipartisan way to deal with the problems of Enron and WorldCom, and we made some progress, but then somehow when the legislation got reported to the floor, all that cooperation, all that bipartisan working together was lost when the Committee on Rules reported out a bill that contained many provisions that were never agreed upon in trying to resolve the issues before us.”