Political Quotes

“Nonetheless, I must oppose their amendment because it falls into the trap of so overprotecting people from one set of dangers that, instead, we push them into another. If the Andrews-Rangel amendment were adopted, we could say that workers would never receive misleading or self-serving advice, but it is almost certain that they would not receive any advice at all. Despite my good friends' intentions, I believe the substitute would practically guarantee that no employers would provide investment advice at all to their workers. First, the substitute unnecessarily intrudes upon an extensive and effective regulatory regime that protects investors who are paying for advice with their own money outside of an ERISA plan. In addition to this regulatory scheme, which includes banking, securities, insurance laws, regulations, and agencies at the Federal and State levels, the substitute requires Department of Labor qualitative oversight on computer models of advice, the substantive qualifications of financial advisors, and the adequacy of disclosure forms.”