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

Floor Speech

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Mr. CARTER of Georgia. I thank the gentleman for yielding.

Mr. Speaker, I rise to express my support for H.J. Res. 88, a resolution disapproving of the Department of Labor's final rule that changes the definition of fiduciary.

This new definition hits low- and middle-income savers the hardest and would leave many unable to save for retirement at all. Additionally, it would make it significantly more difficult for small businesses to seek the investment advice they need to provide for their employees in order for them to plan and save for retirement.

In having owned and operated community pharmacies for nearly 30 years, I take pride in having provided my employees with the tools they have needed to achieve financial independence, and retirement investment plans are one of the most important tools in this effort. Like many small business owners, I consider my employees to be part of my family. That is why H.J. Res. 88 is so important.

The new rule is a classic case of the Federal Government's stepping in the way of the Main Street success story with a ``Washington bureaucrats know best'' mentality, and it must be stopped. Americans have the right to choose how they save and what to save for, and this final rule from the DOL will only increase burdens on Americans and small businesses, limit opportunities, and ultimately hurt their chances to plan for their futures.

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