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“DEPARTMENT OF LABOR FIDUCIARY RULE HURTS FAMILIES” mentioning the U.S. Dept of Labor was published in the House of Representatives section on pages H6257 on Sept. 25, 2015.
The publication is reproduced in full below:
DEPARTMENT OF LABOR FIDUCIARY RULE HURTS FAMILIES
(Mr. PAULSEN asked and was given permission to address the House for 1 minute and to revise and extend his remarks.)
Mr. PAULSEN. Mr. Speaker, having access to sound financial advice can make a big difference in the lives of Americans. It is about planning ahead and taking action to set money aside and invest so families can buy a home, send their children to college, and save up for retirement. However, a proposed rule by the Department of Labor threatens access for millions of hardworking Americans that seek financial advice.
While well-intentioned, in reality, the proposed fiduciary rule will present operational challenges and force those who give financial advice to work under conflicting rules from two separate regulatory agencies. Unfortunately, those that will be most harmed from this rule will be families of modest means.
Mr. Speaker, I have worked on this issue for years, and I continue to hear from Minnesotans sounding the alarm for what this will mean for those who are planning for their future.
I urge the Department of Labor to reconsider this rule or to delay it until we can find a more commonsense alternative.
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