Rob Andrews: “I thank my friend for yielding. Mr. Speaker, my friend, the chairman from Texas, asked, I think, a couple of very…”

“I thank my friend for yielding. Mr. Speaker, my friend, the chairman from Texas, asked, I think, a couple of very important questions about this amendment, and he really points out why I support it. First, he asked: Where is the proof that American pensioners have suffered because of conflicted investment advice? {time} 1615 Mr. Speaker, we can all look to the Government Accountability Office, which looked at that very question a few years ago, at Mr. Miller's request and mine and several others, and found that upwards of 27 percent of people's accounts evaporated because of high fees in plans in which they put their money in defined contribution accounts. That is pretty significant proof. As I said earlier on the floor, they could look to the opinion of someone who is not political at all, I think, someone who is an expert in this field, Jack Bogle, from Vanguard, who uses the number 30 percent in unnecessary fees that have gone up here. Proof is ample that many Americans have rather paltry retirement accounts because of the very high fees that they are paying. Second, Mr. Speaker, the chairman talked about the suitability standard under the securities law. That is kind of the point. The suitability standard is not a fiduciary standard. The suitability standard assumes an arm's-length transaction between people of equal or similar competence, where it is every investor for him- or herself. The pension situation is very different.…”