Jeb Hensarling: “I think the audio system on the House floor is working quite well, and so I continue to be somewhat amazed by the number…”

“I think the audio system on the House floor is working quite well, and so I continue to be somewhat amazed by the number of speakers who get up and claim that broker-dealers can engage in conflicts of interest. Again, I will give the citation for the duty to disclose conflicts of interest, FINRA's Suitability Rule 2111. I would encourage those who haven't read it to actually read it so that we can actually have facts on the House floor. Mr. Speaker, what is truly radical here is the proponents of this amendment trying to upset 80 years of settled law, without any evidence that is compelling, to somehow believe that all of a sudden we are going to help a universe of people, who most of us believe, including half of the Democrats on the Financial Services Committee, instead will be hurt, including a number of prominent Democratic senators who believe they will be hurt, these working moms and pops trying to provide for their family, trying to manage their nest eggs, having a new standard forced upon people they rely on. So all of a sudden, that investment advice is either going to get more expensive, it is going to disappear. All of a sudden, IRAs for working moms at prices they can afford will disappear all because we hear rhetoric about Wall Street. Well, I don't think I have had any letters of endorsement from anybody on Wall Street. We can talk about something else that is not applicable.…”