Political Quotes

“I thank the chairman. I thank Mrs. Wagner as well. As you know, Mr. Speaker, the Department of Labor's fiduciary rule is built upon faulty assumptions, faulty analysis, and faulty understanding basically of how the retirement system actually works in this country. It is really consistent with other policies of this administration. This rule will have a disparate impact and a negative impact upon middle class Americans and minorities in this country, many of whom will find it difficult, if not impossible, to receive guidance from a financial professional for their retirement. This is not me saying this. The Department of Labor's own analysis shows that investors who do not work with a professional will risk making mistakes that cost them up to $100 billion. So today, Mr. Speaker, Congress has an opportunity to stand up on behalf of struggling American families and support this legislation. We have proof to show that this legislation really is necessary because we had folks coming to Washington to testify about it who supported the DOL rule. They said do not worry. They said that, if the traditional brokerage firms can't live with a simple fiduciary standard and refuse to serve modest savers, so be it. Other financial professionals such as them on and off the Web who embrace the client- first approach stand ready to help Americans prepare for a secure retirement. Well, that was Rebalance IRA.…”