Blog - Week in Review

Press Release

House Passes Bill to Protect Low and Middle-Income Savers

The House of Representatives passed H.R. 1090, the Retail Investor Protection Act sponsored by Rep. Ann Wagner (R-MO), on Tuesday by a bipartisan vote of 245-186. This bill was designed to put a stop to the Department of Labor's (DOL) proposed fiduciary rule that would make professional retirement investment advice for low and middle-income Americans inaccessible and unaffordable.

There is a strong bipartisan agreement that the DOL's misguided fiduciary rule would make it more difficult for hard-working Americans to save for their retirements and obtain their portion of the American Dream.

"The fiduciary rule will take away investment advice from hundreds of thousands, if not millions, of low and moderate income people all around the nation who rely upon this advice to save for retirement," remarked Chairman Jeb Hensarling (R-TX) on the House floor.

Rep. Wagner said, "My constituents are tired of Washington bureaucrats telling them what food their families should eat, where they should turn for health care and, now, how they should save for retirement. I for one refuse to stand by and let this Administration advance another regulation that ultimately takes away our freedoms. The burdensome 1,000 page rule offered by the Department of Labor would do just that, increasing costs for Missouri families and reducing access to sound financial advice. I was proud to lead in this bipartisan fight to protect investors and I am hopeful that the U.S. Senate will join us in our efforts to block this onerous rule."

House Passes State Licensing Efficiency Bill

The House of Representatives passed by voice vote H.R. 2643, the State Licensing Efficiency Act of 2015, sponsored by Rep. Roger Williams (R-TX). The bill will expand the ability of states to use a federally accepted registry, the Nationwide Multistate Licensing System, to expedite background checks for licensing purposes. The bill passed the committee by a unanimous vote of 57-0 on July 29.

"This bill is part of my larger goal in letting the states pick up where the federal government falls short," said Rep. Williams when he introduced the bill. "The current background check process is inefficient, but this registry has a proven track record of being effective while also reducing regulatory burden."

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