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.
“RETAIL INVESTOR PROTECTION ACT” mentioning the U.S. Dept of Labor was published in the House of Representatives section on pages H7244-H7245 on Oct. 27, 2015.
The publication is reproduced in full below:
RETAIL INVESTOR PROTECTION ACT
(Mr. CURBELO of Florida asked and was given permission to address the House for 1 minute and to revise and extend his remarks.)
Mr. CURBELO of Florida. Mr. Speaker, I rise today in support of H.R. 1090, the Retail Investor Protection Act, which just passed the House.
This bill would delay the Labor Department's regulation defining when an individual would be considered a fiduciary under the Employee Retirement Income Security Act, or ERISA.
As a member of the House Education and the Workforce Committee, I have expressed serious concerns that the proposal to expand the definition of ``fiduciary'' will limit investor choice, prohibit access to investor guidance, and raise the costs of savings for retirement.
In July, I signed a comment letter, led by Chairman Kline and Chairman Roe, stressing that this proposal would cut off vital financial advice for many low- and middle-income families and small business owners. We also shared concerns that this regulation would conflict with Securities and Exchange Commission rulemakings authorized in Dodd-
Frank.
I want to thank my colleague, Mrs. Wagner, for introducing this important legislation that will provide certainty in ensuring that adequate financial planning products are available for all my constituents in south Florida, and I stand ready to work with Chairman Kline to further address this issue at the Education and the Workforce Committee.
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