Political Quotes

“as an employer with employees who have 401(k) plans back home, I am pleased that the House is voting on a bill to ensure professional investment advice for rank-and-file workers and their individual needs. I urge my colleagues to reject the Andrews-Rangel substitute which would, in fact, reduce the number of employers and financial advisors willing to offer their advice to employees. This is just the opposite of what the worker needs at a time when they are nervous about their retirement assets. It is just more government regulation. The substitute is bad because it increases the cost for advisory services by requiring two fiduciary advisors as options. It undermines the current ERISA remedies, and erodes the preemption statute, and adds more Federal regulation in areas already regulated by Federal and State entities, areas in which the Department of Labor has no expertise. And it reverses the burden of proof in lawsuits against employers and financial advisors which surely will attract our friends, the trial lawyers. It will reduce the number of employers that are willing to have a 401(k) plan.”