Jeb Hensarling: “Again, let me remind all that the administration that told the American people, ``If you like your doctor, you can keep…”

“Again, let me remind all that the administration that told the American people, ``If you like your doctor, you can keep them'' is now telling us, ``If you like your financial adviser, you can keep them.'' Not--not--in the face of the Department of Labor fiduciary rule. The ranking member just brought up the U.K. experience. Well, it is funny, we heard something completely different from what she described in our hearing. What we heard was, ``In the wake of the U.K. commission ban''--which, Mr. Speaker, is similar to what the DOL fiduciary rule is--``the largest banks have significantly raised the minimum account balances required before they will offer financial advice to investors.'' The number of advisers serving retail accounts plunged by 23 percent. Tens of thousands are going without financial advice because their accounts aren't large enough. What my friends on the other side of the aisle would do by backing this DOL rule is take it away. You don't count. You are not rich enough to get any financial advice. You can't grow your savings. How ironic, Mr. Speaker, that the very same Department of Labor has come out with a study saying that investors who do not use investment advice are losing $114 billion a year. And yet what do my friends on the other side of the aisle do in cahoots with the Department of Labor? They take away--they take away--their professional advice.…”