Retail Investor Protection Act

Floor Speech

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Ms. BONAMICI. Mr. Speaker, I rise in opposition to H.R. 1090, the misnamed Retail Investor Protection Act, which essentially ends the progress made by the Department of Labor on releasing an updated conflict-of-interest rule that seeks to protect our constituents' hard-earned savings and strengthen the ability for those in the middle class to save for retirement.

In June, I had the opportunity to speak with Secretary Perez in a hearing held by the Education and the Workforce Committee on the Department's work to draft a comprehensive rule and, importantly, a rule that is developed by working with diverse stakeholders and based on feedback from senior advocacy groups, civil rights groups, and the industry that provides these services.

This is the process that is currently underway. H.R. 1090 would stop this process. Secretary Perez is on record saying he is listening to feedback and incorporating changes. Let's allow the process to go forward, not stop it.

I have met with families and individuals across Oregon who are struggling to get ahead, and I know the sacrifice that is involved in each and every dollar they set aside to contribute to their future retirement. I am disappointed by the efforts today to stop this rule.

We need a level playing field to allow our constituents to take advantage of the many opportunities that exist to grow and protect their investment.

Finally, as a former consumer protection attorney, I learned and know that strong rules can empower consumers and bring transparency to the marketplace. This is what the Department of Labor is working toward, and I am disappointed in this bill's attempt to stop their important work to finish this rule.

I urge my colleagues to join me in opposition to H.R. 1090.

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