The Congressional Record is a unique source of public documentation. It started in 1873, documenting nearly all the major and minor policies being discussed and debated.
“REJECT NEW FIDUCIARY RULE” mentioning the U.S. Dept of Labor was published in the House of Representatives section on pages H2074 on April 28, 2016.
The publication is reproduced in full below:
REJECT NEW FIDUCIARY RULE
(Mr. YODER asked and was given permission to address the House for 1 minute and to revise and extend his remarks.)
Mr. YODER. Mr. Speaker, I rise today in support of hardworking Americans trying to save money for their retirement without government intrusion.
This week, I join a majority of House Members in voting to disapprove of the Department of Labor's new fiduciary rule that will make it harder for low- and middle-income families to save for their retirement.
This extreme, partisan rule, if it is allowed to be implemented, will have a far-reaching negative impact on all Americans currently saving for their retirement. It is yet another attempted power grab by administration bureaucrats to impose more regulations that Americans do not need and are not asking for. It will narrow the options for retirees and drive up costs preventing smart investment.
Estimates show retirement planners would have to spend up to $4.7 billion complying with the rule in the first year alone and another
$1.1 billion annually thereafter. We all know who will pay for these costs: the consumer, the saver, the man and woman who are simply trying to invest in their future for their families.
Mr. Speaker, I urge all of my colleagues to reject this new fiduciary rule and help all Americans retire with the financial security and peace of mind that they deserve.
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