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

Floor Speech

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Mr. KELLY of Pennsylvania. Mr. Speaker, I rise in strong support of H.J. Res. 88.

I have been here now for 5 years, and it always seems to be the same theme: You poor, poor, stupid people. Only the government can help you decide how you should get ready for your retirement. I don't think there are any more 10 chilling words than: ``I'm from the government, and I'm here to help you.''

We are looking at the dismantling of people who help everyday people decide on retirement decisions. It is a very difficult thing to navigate, but, yet, we think we can do it better here because we do such a fantastic job.

My gosh, we are only $20 trillion in the red. Why wouldn't we advise hardworking American taxpayers how they should prepare for their retirement? We have already ruined their retirement for them.

It gets to the point of being a little bit stupefying to stand here in the people's House and think that somehow the administration and the Department of Labor came up with an 1,100-page definition of what the fiduciary responsibility should be. Stunning. Stunning.

The real fiduciary responsibility remains with the House. It is our responsibility to protect our hardworking American taxpayers. It is our responsibility to make sure that hardworking American taxpayers who advise people on their retirement should be allowed to exist. This is going to put them out of business. Why? Because we know so much better than they do.

This is misguided. This is misthought. This is about a bigger government, a more intrusive government, a government that taxes you more and serves you less. It is that simple.

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