John Culberson: “the Members of this Congress have many reasons to support this legislation, and again I believe it illustrates a…”

“the Members of this Congress have many reasons to support this legislation, and again I believe it illustrates a fundamental difference between the Republican and Democrat philosophy. We trust people to manage their own money and their lives with intelligence. Nearly 42 million Americans have saved about $1.7 trillion in 401(k) plans, and under current law those people must either hire their own investment advisor, rely on an employer-sponsored advisor, or make investment decisions on their own; whereas this legislation, the Retirement Security Advice Act, will give workers access to professional investment advice from the administrators of their own plan for the first time, as long as those advisors make a full disclosure concerning any potential conflict. The bill also protects employees by holding the financial advisor, not the employer, personally liable and subject to other criminal penalties if they act on behalf of any interest other than that of the investment portfolio or those who contribute to it. Finally, Mr. Speaker, the best part of this legislation is that it is completely voluntary. The bill strengthens retirement security and gives workers access to expert investment advice when they need it. I urge my colleagues to join me in supporting it.”