Mr. DINGELL. Mr. Speaker, well, here we go again. The House is taking up another bill that seeks to gut the Dodd-Frank Act. H.R. 2374's authors purport that the bill is meant to protect investors. But its practical effect would be just the opposite. The bill would impose onerous--and unnecessary--new requirements on the Securities and Exchange Commission from imposing a common fiduciary standard on broker-dealers and investment advisers alike. Dodd-Frank directed that the Commission study this matter, and it did. The Commission found it necessary in a 2011 report and stands ready, willing, and able to complete a rulemaking. What's worse is that the bill would also prevent the Department of Labor from moving forward with a fiduciary duty rulemaking for employee benefit plans until after the Commission has acted. In the simplest of terms, the Commission's and Department of Labor's common intention with these rulemakings is to protect investors. H.R. 2374's practical effect would be to prevent both from doing so.
This is another example of not having learned the lessons of the past. Investor abuses in part precipitated the 2008 financial crisis. Passing H.R. 2374 would be a terrible step backward and a validation of the practices that nearly brought this country to its knees. The financial services industry is in no way, shape, or form deserving of this type of deregulation. Vote this bill down, and stand up for the financial security of American investors.