On the recordOctober 27, 2015
There are comments on this floor that said we had to listen to those who came. I want to stand and listen to the hardworking Americans who ultimately will retire. I am tired of blocking good measures that protect them, such as the Labor Department's efforts to strengthen protections for working families and retirees by requiring their financial professionals who provide retirement investment advice be treated as fiduciaries under ERISA laws. It is important to note that this is a simple requirement. It does not undermine the responsibilities or the profits of broker-dealers and others. It just simply says that they must be held to a standard to protect those retirees who have worked so very hard. I oppose the underlying bill, H.R. 1090. I am also glad to stand on the floor and support, however, H.R. 597, the Export-Import Bank Reform Reauthorization Act, finally to open the Bank and create jobs and opportunities for so many. Again, let me say that I am standing with those workers who are not here, retirees who have worked, hardworking Americans who will have their investments protected, by making sure that those who give them advice are regulated and held to very high standards. Mr. Speaker, I rise in opposition to H.R. 1090, the Retail Investor Protection Act. I oppose this bill, because it would undermine efforts to curb conflicts of interest in the marketing and development of retirement investments, particularly for retail investors.…
