On the recordOctober 29, 2013
I am pleased now to yield 2 minutes to the gentleman from North Carolina (Mr. McHenry), the chairman of the Financial Services Subcommittee on Oversight and Investigations. Mr. McHENRY. I want to thank the committee chairman as well, Mr. Hensarling, for yielding to me, and I want to thank my colleague Ann Wagner from Missouri for putting together this very wise bill. Mr. Speaker, I would say to my Democrat colleagues on the other side of the aisle who are speaking out with loud voices that the only rip- off here is when retail investors and the American people have two different government agencies writing rules. When they are not coordinating with each other and when they are not talking to one another, they are not writing rules that work together. In fact, you could be a retail investor and be complying with the Department of Labor's rules but could be running counter to the Securities and Exchange Commission's rules if this coordination is not done as required by this legislation. So the Retail Investor Protection Act is just that. It protects retail investors. It reconciles uncoordinated efforts between the Securities and Exchange Commission and the U.S. Department of Labor, and it says that they have to work together and also use a cost-benefit analysis when they are writing these rules. I think that is a very wise thing.…
