RETAIL INVESTOR PROTECTION ACT

Floor Speech

Mr. ALLEN. Mr. Speaker, it was mentioned earlier about a hearing that
we sat through in the Committee on Education and the Workforce on this
rule, which frankly I couldn't believe.

The American people want choice, not another top-down government rule
where you take away their choice. That is why I rise today in support
of H.R. 1090, the Retail Investor Protection Act, to block the
Department of Labor's misguided fiduciary rule.

All across Georgia's 12th District people depend on their trusted
financial advisers to help manage their hard-earned savings and plan
for future retirement.

As drafted, the Department of Labor's 1,000-page rule is simply
unworkable. Unaltered, this burdensome regulation would harm the very
people it is designed to protect the most by substantially limiting
access and increasing costs of retirement planning.

The Federal Government has no right to prevent low-and middle-income
families and small businesses from accessing affordable financial
planning advice.

I urge my colleagues to stand up to the Department of Labor by
supporting H.R. 1090.

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