OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

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

Floor Speech

Date: April 28, 2016
Location: Washington, DC
Issues: Business and Consumers

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Mr. HILL. Mr. Speaker, I rise in support of this joint resolution. While this rule may be well intended, its effects will lead to higher fees, lack of diversity and choice, limiting access to professional retirement planning and guidance for those who need it the most, low balance, smaller investors trying to save every month for their retirement.

I have long believed that the Securities and Exchange Commission is the governing agency most expert and should have been taking the lead on this project of the fiduciary rule. The administration should have insisted on it.

Instead, they have been off track for 5 years. We are left with a 1,000-page rule that creates a confusing, bifurcated set of standards that will confuse investment advisers and their clients trying to save for retirement. Americans need more affordable retirement choices, not less.

I thank the gentleman from Tennessee and Mrs. Wagner for their work on this effort.

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