Political Quotes

“I rise today to discuss the Department of Labor's fiduciary rule. Over the past year Nebraska's small business owners, retirees, insurance and financial professionals, and individuals in a wide range of other industries have expressed their concerns regarding this fiduciary rule. Unfortunately, the negative feedback I hear has only grown since the final version of this rule was published last month. This dense and complicated rule would change the definition of a fiduciary and what constitutes investment advice. In short, the rule could make it more difficult for many individuals to open and to maintain IRAs. It could also lead to fewer companies offering 401(k) plans for their employees. If the rule is implemented, lower income savers may face a disadvantage compared to wealthier consumers with higher account balances. It is often convenient for regulators in Washington to claim they are protecting the middle class, but that is the very segment which stands to lose the most from this new rule. Wealthier consumers and larger businesses often have the resources to comply with costly regulations, but small businesses are already struggling to stay afloat. This rule could further hamper their operations by pricing them out of the market. Because of these and other concerns, I joined my colleagues to cosponsor the Senate version of the joint resolution of disapproval of this rule.…”