Political Quotes

“I thank the gentlelady for yielding. Mr. Speaker, I rise in opposition to H.R. 2374, the so-called Retail Investor Protection Act. H.R. 2374 delays the Department of Labor's rulemaking process that would protect investors from unscrupulous investment scams. Now, in past generations, pension plans were what were called ``defined benefit plans'' in which there were defined benefits. You would look at the number of years, your last salary, and the multiple, and you could calculate what your pension would be. But more and more we are seeing defined contribution plans in which the employer just makes a contribution, and the final benefit would be whatever happens to the money over the years with the investment advice that you would be given. The trend has had a profound impact on ultimate retirement benefits and security. Two people investing the same amount--for example, $100 a month over 30 years--could see very different retirement savings over that same period of time based on the investments they chose. Those investment choices could be the difference between a savings at the end of $100,000 or as much as $500,000 depending on which strategies were used. Now, most employees are not sophisticated investors, and therefore they need advice on what investment strategies should be used. How much should be in stocks? how much in bonds? how much in mutual funds, and which mutual funds? They seek advice.…”