Retail Investor Protection Act

Floor Speech

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Mr. VAN HOLLEN. Mr. Speaker, today's legislation is very similar to a
bill introduced by Rep. Wagner in the last Congress. I opposed that
bill then, and for essentially the same reasons will oppose this bill
now.

As I indicated last year, I support consumer choice and believe there
is room for a variety of different business models in the financial
services marketplace. I also believe consumers have a right to full
transparency regarding compensation arrangements and to recommendations
from financial services professionals that are based on the consumers'
best interests.

In my judgment, the Department of Labor shares these convictions and
has proposed a workable Fiduciary Rule that embodies both of these
principles. Moreover, whenever our office has raised specific issues
that we believed warranted further clarification or adjustment--from
so-called level-to-level funding, to the appropriate distinction
between education and advice, to the role of annuities and other
insurance products in Americans' retirement security--we have found the
Department both knowledgeable about, and responsive to, the concerns being raised.

While I support the Securities and Exchange Commission promulgating
its own Fiduciary Rule, I do not believe the Department of Labor--or
the retirement security of millions of Americans--can or should wait on
action by the SEC. Accordingly, I oppose this legislation.

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