Chris Van Hollen: “Today's legislation is very similar to a bill introduced by Rep. Wagner in the last Congress. I opposed that bill then…”

“Today's legislation is very similar to a bill introduced by Rep. Wagner in the last Congress. I opposed that bill then, and for essentially the same reasons will oppose this bill now. As I indicated last year, I support consumer choice and believe there is room for a variety of different business models in the financial services marketplace. I also believe consumers have a right to full transparency regarding compensation arrangements and to recommendations from financial services professionals that are based on the consumers' best interests. In my judgment, the Department of Labor shares these convictions and has proposed a workable Fiduciary Rule that embodies both of these principles. Moreover, whenever our office has raised specific issues that we believed warranted further clarification or adjustment--from so-called level-to-level funding, to the appropriate distinction between education and advice, to the role of annuities and other insurance products in Americans' retirement security--we have found the Department both knowledgeable about, and responsive to, the concerns being raised. While I support the Securities and Exchange Commission promulgating its own Fiduciary Rule, I do not believe the Department of Labor--or the retirement security of millions of Americans--can or should wait on action by the SEC. Accordingly, I oppose this legislation. The SPEAKER pro tempore. All time for debate on the bill has expired. Amendment No. 1 Offered by Mr. Lynch”