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

Floor Speech

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Mr. LaHOOD. Mr. Speaker, I rise in support of the H.J. Res. 88.

The Department of Labor's fiduciary rule would significantly affect constituents in my district. State Farm insurance in Bloomington, Illinois, is headquartered in my district.

State Farm and its agents all across this country offer services and products to help low- and moderate-income investors make the best decisions about their finances.

However, this rule by the Obama administration targets those service providers and its agents. It would raise compliance costs, limit the advice that companies can provide to their own employees, and penalizes small businesses that want to provide their employees with a 401(k) plan.

The bottom line is that this rule would drastically narrow the access that hardworking Americans have to retirement advice, hurting middle and working class families.

More bureaucratic burdens from the Obama administration in the form of a 1,000-page regulation is not a recipe for economic growth in this country. Stop choking the U.S. economy. Support this resolution.

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