Dan Crenshaw: “As the Chairman of the Appropriations Subcommittee on Financial Services and General Government, my Subcommittee…”

“As the Chairman of the Appropriations Subcommittee on Financial Services and General Government, my Subcommittee directly oversees the Securities and Exchange Commission's budget. And since 2001 the SEC's budget has increased by over 200 percent . . . this is a larger increase than almost any other agency in our government. As the agency tasked with protecting investors and ensuring fair and orderly capital markets, you would think they would carefully coordinate with all agencies involved to ensure much needed certainty and to provide clear guidance to a trillion dollar industry. However, this again is not the case and we are here today to ensure that the SEC and the Department of Labor coordinate and work in a systematic manner to avoid investor confusion, regulatory conflict, and decrease costs for retail investors. This is why I rise today to put my support for H.R. 2374, the ``Retail Investor Protection Act.''--common sense legislation, requiring the SEC complete a rulemaking on standards of care governing broker dealers and investment advisers before the Department of Labor finalizes their rule redefining the definition of a person providing investment advice under the Employee Retirement Income Security Act. Plain and simple, ensuring collaboration between the two agencies that are trying to reach the same goal. In addition H.R.…”