Political Quotes

“Madam Chair, I rise in support of the gentleman from Oklahoma's amendment. Under current law, Americans participating in 401(k) plans through their employer may invest their retirement accounts in collective investment trusts, CITs, and insurance company separate accounts that are exempt from the SEC's registration requirements. This exemption from SEC registration allows these products to be offered at lower costs. However, teachers, nurses, janitors, and charity workers who participate in 403(b) plans are currently denied access to the cost- effective investments available to private workers in 401(k) plans. Importantly, investment options in a 403(b) plan are always selected by the private or public employer. As such, this amendment does not allow direct retail sales to individuals. Moreover, unregistered does not mean unregulated. It simply means that investment products available to 403(b) plans will not have to register with the SEC and, thus, will not have to provide a lengthy prospectus document to accompany the filing, thus keeping costs appropriately low. The amendment preserves important protections for investors in 403(b) plans. Mr. Lucas' amendment is a thoughtful and balanced bill to allow employees of nonprofit charities and public educational institutions in 403(b) plans to have access to the same low-cost investments available to employees of for-profit companies and other employees in 401(k) plans.…”