Political Quotes

“I thank Ranking Member Waters for yielding, and I thank her for her excellent and compassionate leadership not only on this issue but on so many others. I rise today to oppose H.R. 1090, the so-called Retail Investor Protection Act, which is anything but a protection for investors. Rather than protecting our constituents' investments, this Act would prevent the Department of Labor from finalizing a rule to establish a fiduciary standard for investment advisers until the Securities and Exchange Commission finalizes a rule first. In essence, the bill before us would prevent the Labor Department from finalizing any rule at all. The administration has already indicated it would veto this measure if it is passed by Congress. This past March, Senator Elizabeth Warren and I held a forum as part of our Middle Class Prosperity Project to consider the need for a strong fiduciary standard to protect Americans who are saving for retirement. We heard directly from Americans who had lost tens of thousands of dollars because they did not receive advice that was in their best interests. In some cases, people may not even realize they have placed their trust in advisers who are not fiduciaries and who have no obligation to act in their best interests. One study found that Americans who are saving for retirement lose more than $43 billion, on average, each year because advisers don't act in their clients' best interests.…”