Political Quotes

“I ask every American to talk to their parents and to their grandparents. Talk to the 81 groups supporting this piece of incredible legislation including the INVEST Act, most especially the American Retirement Association; Lutheran Services in America; Meals on Wheels; MissionSquare Retirement; the Small Business and Entrepreneurship Council; the United Way; the U.S. Black Chambers, Inc.; the U.S. Chamber of Commerce; and the YMCA. Why are they signing onto and supporting this tremendous piece of legislation? A few of the statements about the INVEST Act are simply incorrect, and I want to set the record straight. The ranking member claims that this bill creates a loophole for bad actors to sell... The collective investment trusts are overseen and regulated by the OCC and other Federal or State banking regulators, the IRS, and the Department of Labor. In addition, investors have additional protections under the bill by requiring either the plan to be subject to ERISA protections, the employer sponsor to serve as a plan fiduciary, or a government plan subject to additional State protections. The ranking member claims that this bill would make it harder for investors to receive disclosures. That is just simply and categorically untrue.”