Providing for Consideration of H.R. 1090, Retail Investor Protection Act

Floor Speech

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Ms. FOXX. Mr. Speaker, I thank my colleague from Georgia for yielding. In the spirit of bipartisanship, let me associate myself with the opening remarks and kind words of Mr. Polis about the Speaker.

Mr. Speaker, if adopted, the proposed fiduciary rule would reduce access to reasonably priced investment options for lower and middle class families and small-business owners across the country. It will also increase costs for Americans trying their best to save for retirement.

Our country faces difficult retirement challenges, and the last thing the Federal Government should do is create new barriers blocking the retirement security the American people deserve. The fact is we have seen this scheme before. This proposal contains many of the same flaws as the administration's failed 2010 proposal, which was ultimately withdrawn because of harsh bipartisan opposition.

The Department of Labor's rushed and uncoordinated process has again resulted in an unworkable proposal, and I urge the administration to use the same logic that it did the first time and withdraw its damaged proposal.

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