Disapproving Department of Labor Rule Related to Definition of the Term ``fiduciary''

Floor Speech

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Ms. BONAMICI. Mr. Speaker, too many families and individuals across Oregon and across our country are struggling to get ahead. I know the sacrifice that is involved in each and every dollar they set aside to contribute to their retirement. Building a stable base for retirement security should be within reach for everyone. That is why I will vote ``no'' on H.J. Res. 88.

Consumer protection is one of the reasons I am standing on the House floor today. Throughout my career, I have advocated for families who, despite their best efforts, have found their financial and retirement security at risk. At Legal Aid, I helped families who were on the brink of losing everything; as a consumer protection attorney at the Federal Trade Commission, I took on mortgage brokers who had defrauded people out of their homes; and in private practice, I represented people who lost their life savings when they relied on misrepresentations by people selling securities and franchises.

I pay close attention to the fiduciary rule because I know that consumer protection laws can keep Americans financially secure and level the playing field. A thriving marketplace without deceptive practices can restore consumer confidence and grow the economy.

For too long, people saving for retirement have had few tools to know if their financial adviser was directing them to a product that was in their best interest and most appropriate for their specific needs and goals. Seeking to fix this uncertainty and put the interest of future retirees first, the Department of Labor took great care when crafting a final rule to remove conflicts of interest and restore confidence to savers. They heard from people around the country, including consumer protection groups and leaders in the investment industry. They heard from people who had lost their life savings because of financial advice that was not in their best interest.

Saving for retirement is crucial for our country's economic security, but too many Americans are uncertain about how they can stretch their hard-earned dollars to provide for themselves and their families. Products and choices are complex. The Department of Labor sought to protect these Americans from conflicted advice so they can be prepared for retirement while allowing financial advisers to continue to play an important role in this process. Stakeholders from all sides of the issue were involved in the rulemaking. The Department took time, listened to them, and made multiple changes to make sure this rule is workable.

I applaud the Department of Labor for their thoughtful and thorough rulemaking process. I urge my colleagues to oppose this misguided legislation that seeks to block this important fiduciary rule.

I thank Ranking Member Scott for his leadership on this issue.

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