Dan Crenshaw: “I thank the gentleman for yielding. Mr. Speaker, I rise in strong support of this rule and the underlying legislation. I…”

“I thank the gentleman for yielding. Mr. Speaker, I rise in strong support of this rule and the underlying legislation. I am the chairman of the Appropriations Subcommittee on Financial Services and General Government. My subcommittee is charged with overseeing the budget of the Securities and Exchange Commission. That is the agency of the Federal Government that is charged with protecting investors and making sure that the capital markets are fair and orderly, and that is what they do every day. In fact, Dodd-Frank gives them more authority in this area than any other agency in the Federal Government, so I find it a little bit surprising that the Department of Labor, whose day-to-day job is not to oversee investment advisers, whose day-to-day job is not to oversee broker-dealers, and yet they will decide that they are going to write a rule dealing with fiduciary standards for those that are involved in retirement accounts. Well, it just seems to me that is backwards. That is upside down. The SEC ought to be acting in this area. That is their primary role. If we are going to let other agencies write rules that might be in conflict, might create confusion, and might be duplicative, then it seems to me we are going to give those individuals who are struggling to make a living and to make ends meet, we are going to have a difficult time understanding what their retirement accounts are all about and who is in charge and what are the rules and the standards.…”