Political Quotes

“I want to thank George Miller for the work he has done, along with the ranking member of the Financial Services Committee. The Miller-Conyers amendment simply encourages the Department of Labor to issue a rule that requires investment advisers to provide advice in a fiduciary capacity and protect access to investment education, ensure reasonable compensation to advisers, and ensure the availability of ESOP appraisals. This is what we are seeking so badly, and this is the comment that has been made about the inaccurate drafting of the bill. The Department of Labor should issue a proposed rule that seeks to protect workers, provide access to investment education, and ensure that advisers are reasonably paid. Under current rules, investment advisers may hold themselves out as acting in workers' best interests even though they are not. I repeat: under current rules, investment advisers may hold themselves out as acting in workers' best interests even though they are not. Workers in these types of plans often are required to choose between dozens of investment choices and need the advice on their investment options from people who do not have secret conflicts. Over 70 million workers and retirees depend upon 401(k) retirement plans and IRAs for their retirement savings. If there is any hope for this measure at all, H.R. 2374, it would have to have this amendment on it. I plead with those who enthusiastically support this measure to please support this amendment.”