Political Quotes

“I include in the Record the Statement of Administration Policy. It notes that ``The outdated regulations in place before this rulemaking did not ensure that financial advisers act in their clients' best interest when giving retirement investment advice. Instead, some firms have incentivized advisers to steer clients into products that have higher fees and lower returns . . .'' Statement of Administration Policy H.J. Res. 88--Disapproval of Department of Labor Rule on Fiduciary Responsibility of Financial Advisers--Rep. Roe, R-TN, and 30 cosponsors The Administration strongly opposes H.J. Res. 88 because the bill would overturn an important Department of Labor final rule critical to protecting Americans' hard-earned savings and preserving their retirement security. The outdated regulations in place before this rulemaking did not ensure that financial advisers act in their clients' best interest when giving retirement investment advice. Instead, some firms have incentivized advisers to steer clients into products that have higher fees and lower returns--costing American families an estimated $17 billion a year.…”