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

Floor Speech

BREAK IN TRANSCRIPT

Mr. WILSON of South Carolina. Mr. Speaker, the following is a letter that was submitted to our office by Christopher A. Iacovella, Esq., the Chief Executive Officer for the Equity Dealers of America, expressing the organization's support for H.J. Res. 88, ``Disapproving the rule submitted by the Department of Labor relating to the definition of the term `Fiduciary,' '' on April 28, 2016:

Dear Speaker Ryan and Leader Pelosi: The Equity Dealers of America (EDA) is writing to you today to urge the U.S. House of Representatives to take up and pass H.J. Res. 88, `Disapproving the rule submitted by the Department of Labor relating the definition of the term ``Fiduciary'' '.

The EDA represents the interests of middle market financial services firms who provide ``Main Street'' businesses with access to capital and advise hardworking Americans how to create and preserve wealth. Our geographically diverse membership includes BB&T Securities (NC), D.A. Davidson & Co. (MT), Hilliard Lyons (KY), Hilltop Securities (TX), Janney Montgomery Scott (PA), KeyBanc Capital Markets (OH), Piper Jaffray (MN), Raymond James Financial (FL), Robert W. Baird & Co. (WI), Stephens Inc. (AR), Stifel Nicolaus & Company (MO), William Blair & Company (IL), and Wunderlich Securities (TN).

We strongly believe that Department of Labor exceeded its Congressionally granted authority when it finalized its ``Fiduciary Rule'' on April 6, 2016. We believed prior to the passage of the rule passage, and continue to believe now, that this rule will (1) reduce access to financial advice for low and middle income Americans; (2) increase costs for retirees by pushing them into inappropriate and expensive fee based financial solutions; and (3) unnecessarily interfere with an individual's ability to make his/her personal choices about investing and saving for retirement.

We strongly support the U.S. House of Representatives as it takes up H.J. 88 and we look forward to its swift passage.

BREAK IN TRANSCRIPT

Source