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.
“H.R. 2269--INVESTMENT ADVICE ACT” mentioning the U.S. Dept of Labor was published in the Extensions of Remarks section on pages E2137 on Nov. 27, 2001.
The publication is reproduced in full below:
H.R. 2269--INVESTMENT ADVICE ACT
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HON. BRIAN BAIRD
of washington
in the house of representatives
Tuesday, November 27, 2001
Mr. BAIRD. Mr. Speaker, over the last twenty years the influx of 401k plans has changed the pension landscape. When the ERISA laws were written back in 1974, we had no idea how popular 401k plans would become. And as the popularity grows for these plans, the need for quality investment advice becomes ever more vital to the retirement plans of pension holders. Although there are many avenues to obtain information about stocks and bonds, many people lack the knowledge to filter out the good information from the bad. Most people do not have the time necessary to investigate the nuances of the market to make informed decisions about market purchases. This is why we need to turn to professionals. Our pensions are too important to American workers and families these days to let this problem go unresolved. That is why I strongly support the Investment Advice Act that is before this body today.
I recognize there is some contention about the conflict of interest between the adviser's and the interest of their clients. However, this legislation specifically requires that a ``fiduciary adviser'' be personally liable for any failure to act solely in the interest of the worker. Furthermore, investment advisers will be subject to the highest form of fiduciary duty under the law, including civil and criminal enforcement by the Labor Department. I believe these safeguards protect our employees and mandate professional advisors to work in the best interest of their clients.
Mr. Speaker, in the end, it is my belief that the Investment Advice Act will increase the value of pensions for working Americans. I believe this act will lead Americans into a healthier and happier retirement. And lastly, I believe that Americans want and need access to professional financial advice.
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