John Kline: “I thank the gentleman for yielding. Mr. Speaker, it has been 4 years since the recession ended, yet economic growth is…”

“I thank the gentleman for yielding. Mr. Speaker, it has been 4 years since the recession ended, yet economic growth is still anemic, job creation remains sluggish, and wages are flat. With each passing day, countless Americans feel they are falling further behind. In these difficult times, working families shouldn't need to fear yet another regulatory scheme that will make it more difficult to rebuild their retirement savings. That is why I support the Retail Investor Protection Act, legislation that will force the Department of Labor to hit the brakes on sweeping changes to the way workers save for retirement. For many Americans, investing in a retirement plan can be confusing and, frankly, intimidating. Workers want to know their hard-earned dollars are managed wisely and in a way that could lead to financial security in their retirement years. Investment professionals provide a crucial service to those who want to plan for their retirement yet lack the time and expertise to manage an investment portfolio. All investment advisers should be well trained, adhere to the highest ethical standards, and promote the best interests of their clients. Rules governing the actions of particular investment advisers, also known as fiduciaries, have helped provide workers with certainty for decades. However, since 2010, the Labor Department has tried to expand the definition and duties of a fiduciary and, in the process, diminished that certainty.…”