Blake Moore: “I thank you so much, Madam Ranking Member. Mr. Speaker, I rise in opposition to H.R. 1090. I must say to Representative…”

“I thank you so much, Madam Ranking Member. Mr. Speaker, I rise in opposition to H.R. 1090. I must say to Representative Wagner she is correct when she says that there were 30 Democrats--I am one of them--who supported similar legislation, but that was before the Department of Labor reproposed the conflict of interest rules, gave us sort of an unprecedented 164-day comment period during the reproposal, and they withdrew the original 2010 proposal and put forward the reproposed rule in 2015, 5 years. As we discussed it, they have committed to making considerable improvements. Now, the SEC has yet to begin the process of a related rulemaking 5 years after the Department of Labor began the process, and they have made it really clear that they don't think they will get to it. I do want to point out--since I have 3 whole minutes here--that it has been very difficult to get the majority party to agree to providing the SEC with the needed resources that would, in fact, enable them to undertake the work that the Department of Labor has already put forward on this. So I don't think we should wait until after the SEC acts to issue a rule. And this legislation before us would only delay these important consumer protections. The Department of Labor has received a lot of feedback, especially from me. Mr.…”