On the recordSeptember 17, 2015
Today, I rise to express great concern about the Department of Labor's fiduciary rule. This is a rule that is going to have a substantial impact on lower-income and middle-income savers, the men and women and the families that we want to get good advice from advisers so they can save and plan for their retirement. This rule is going to make it harder for American families to save for that eventual day of retirement. For decades, my constituents in Wisconsin have been served by well- regulated financial institutions, and they include the mutually owned cooperatives and the fraternal membership organizations. These organizations only do well if they serve their customers and their clients well, and if they don't serve them, the clients walk down the street, and they go somewhere else. This Department of Labor fiduciary rule is going to take the advice away from folks who need the most advice when they are saving. It is an idea that Washington knows best and that people with full disclosure can't make the right decisions for their families. This rule is a disaster, and my concern is less people are going to save, which means more people are going to be reliant on the Federal Government. That is a wrong approach. Let's not let this rule go through. ____________________
