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.
“OBAMACARE FOR FINANCIAL PLANNING” mentioning the U.S. Dept of Labor was published in the House of Representatives section on pages H1756 on April 15, 2016.
The publication is reproduced in full below:
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OBAMACARE FOR FINANCIAL PLANNING
(Mr. LaHOOD asked and was given permission to address the House for 1 minute.)
Mr. LaHOOD. Mr. Speaker, last Wednesday, the Department of Labor finalized its fiduciary rule--or, as we could call it: ObamaCare for financial planning. This rule reclassifies and expands the scope of individuals who are considered ``financial advisers'' and adds the Department of Labor as a new regulator.
The investment advisory industry is already among the most regulated, but this rule will force a sweeping overhaul of the financial services industry. Most importantly, it will hurt middle class Americans.
This new rule change, which circumvents the Congress and the Constitution, will significantly raise legal and compliance costs, making it expensive, difficult, and impractical for companies like State Farm, which is headquartered in my congressional district, and their advising agents to continue to provide services to small businesses and hardworking customers.
Ultimately, this rule will drastically narrow the access that these families, who are trying to save for retirement, will have by making financial advice more expensive. It will even penalize small businesses that want to provide benefits for their employees, thereby discouraging small businesses from providing 401(k) plans.
I am committed to fighting the implementation of this rule, and I urge my colleagues to join me.
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