OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Fiduciary Rule

Floor Speech

By: Tom Emmer
By: Tom Emmer
Date: July 6, 2016
Location: Washington, DC
Issues: Finance and Banking

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Mr. EMMER of Minnesota. Mr. Speaker, 33 percent of Americans have no retirement savings. This is why it is so difficult to understand why the Department of Labor recently finalized a ``fiduciary rule'' that will harm the ability of Americans, especially those of modest means, to save for retirement.

By imposing new and needlessly burdensome standards on financial experts who provide investment advice to Americans, the ``fiduciary rule'' will price many retirees out of the market, causing a ``guidance gap'' which will lead to Americans saving less money or worse, not saving at all. We can't allow this burdensome rule to wreak havoc on the financial future of American citizens.

I am proud to stand up for low- and medium-income Minnesotans who are trying to save for retirement today by voting to prevent the implementation of this misguided rule. Despite the President's veto, I remain committed to preventing this rule from harming the futures of everyday Minnesotans.

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