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 Extensions of Remarks section on pages E1567-E1568 on Nov. 2, 2015.
The publication is reproduced in full below:
RETAIL INVESTOR PROTECTION ACT
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speech of
HON. EARL BLUMENAUER
of oregon
in the house of representatives
Tuesday, October 27, 2015
Mr. BLUMENAUER. Mr. Speaker, I will vote against H.R. 1090, which would gravely slow development of new rules designed to better protect individual investors.
While I have been sympathetic to some industry concerns--in particular expressing an interest in further refinements with regard to exemptions relating to Best Interest Contracts, education, and lifetime income options--I have also made clear my strong support for rules barring the provision of advice subject to real or potential conflicts of interest. The Department of Labor has demonstrated an attempt to put forth a balanced rule that accommodates concerns from industry with protections for individual investors. The bill I will vote against, however, would bury this effort behind years of tertiary regulatory and congressional action.
It is clear that Americans badly need to save more for their retirement. As savings policies have evolved to place the decision-
making burden on the individual, our rules must be updated to ensure that information is adequately shared and presented. Under the present system, estimates of value lost to these investors as a result of conflicted advice are unconscionably high. While the proposed federal rule is not perfect, it marks an important step forward and I look forward to working with the administration to continue to improve their effort.
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