Retail Investor Protection Act

Floor Speech

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Mr. VAN HOLLEN. Mr. Speaker, I am an advocate for consumer choice and appreciate the value of a variety of different business models in a competitive financial services marketplace. I also support full transparency regarding compensation arrangements and believe investors have a right to recommendations based on their best interests when receiving investment advice from financial services professionals.

Consistent with these principles, the Securities and Exchange Commission (SEC) and the Department of Labor (DOL) are currently in the process of coordinating a harmonized ``fiduciary'' standard of care for financial services professionals offering investment advice to their clients. Rather than allowing the SEC and the DOL to complete their work, today's legislation would prejudge the outcome of the ongoing rulemakings and have the practical effect of delaying implementation of final harmonized rules to protect consumers' retirement savings from conflict of interests and potentially deceptive or abusive practices.

Accordingly, I urge a ``no'' vote.

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