Political Quotes

“Mr. President, as Senator Hatch has mentioned, in April the Department of Labor just issued its final conflict-of-interest, or fiduciary, rule, putting in place a framework of meaningful protections for Americans saving for retirement. The rule helps families save for retirement at a time when fewer and fewer workers have traditional pensions. Today my Republican colleagues are trying to block this rule. I join Ranking Member Murray of the HELP Committee and Ranking Member Wyden of the Finance Committee--on which the Presiding Officer and I both sit--to recommend that you vote no on the joint resolution. It is important to remember why this rule is necessary. Since the enactment of ERISA and the creation of 401(k) plans and individual retirement accounts in the 1970s, there has been a dramatic shift from traditional pension plans run by employers--that is where when you retire, there is a so-called defined benefit where you can count on a certain number of dollars a month for the rest of your life and perhaps for your spouse--to defined contribution plans that workers are left to manage themselves. Maximizing retirement savings and avoiding high fees and costs are more critical than ever. But most American workers need advice on how to prepare for retirement and navigate these plans, which can be both complicated and, maybe more importantly, risky.…”