Political Quotes

“I stand today in strong support of H.J. Res. 88, disapproving the harmful rule submitted by the Department of Labor. It is 1,000 pages to define one word. No wonder the American people are angry and frustrated with Washington, D.C. They should be. I think people are a little bit smarter, and understand the term ``fiduciary.'' This rule threatens small businesses and individual savers by replacing current regulations dealing with investment advice. But we want to make sure, of course, that consumers are being protected and given the best advice possible when it comes to their financial security, but the DOL rule is not the way to do it. I am concerned that the Department proposal would be particularly harmful to low- and middle-income working American families looking for options to save, to invest, and to plan for their future. Compliance with this rule would limit educational opportunities for individual retirement accounts and retirement savings plans, since distribution of materials about these services would be considered providing recommendations. That just doesn't make sense to me. The proposal would actually make it much more difficult for people in my district and people across the country to save for their future. The cost of compliance is significant. I urge my colleagues to vote for this joint resolution.”