Ann Wagner: “I thank the chairman again for his support and all my colleagues who have come down here to the floor to speak on behalf…”

“I thank the chairman again for his support and all my colleagues who have come down here to the floor to speak on behalf of those low- and middle-income investors that need good, sound advice when it comes to their financial security and their retirement. We all agree that every American who is saving for the future deserves to have the very, very best advice based on the needs for their retirement investments and savings for the future. With all due respect to the gentleman from Massachusetts, what his amendment does is completely flip-flop the Retail Investor Protection Act. It says that the DOL should go ahead of the SEC. The Department of Labor is completely out of its lane when it comes to this particular matter. It is the Security and Exchange Commission that is absolutely the expert when it comes to promulgating any kind of rule, regulation, or oversight in this area. We have laws and rules already on the books, through FINRA, through the SEC, to make sure that savers are getting the best advice they possibly can for the future.…”