Disapproving Department of Labor Rule Related to Definition of the Term ``Fiduciary''

Floor Speech

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Mr. DUFFY. Mr. Speaker, it is interesting listening to this debate. My friends across the aisle are telling me that this is going to help Americans.

Well, being creative, I can think of a few Americans that this will help: the loggers in north Wisconsin who are cutting wood and the papermakers in Wisconsin. It will help them for all the copies of this 1,000-page bill. Also, it will help the trial bar. If you look at a 1,000-page rule, how does anybody comply with that?

The Department of Labor doesn't understand this rule. No one across the aisle understands this rule. So when a small-town investment adviser breaks this 1,000-page rule, in comes the trial bar and sues. It is a giveaway to the trial bar.

Listen, we have had this conversation all afternoon. This is going to hurt middle-income, low-income individuals, low-income savers.

Listen, if you are a millionaire or a billionaire, don't worry. You are going to be fine. You are still going to get that personalized financial advice.

But if you are someone in my district, guess what they are going to say. Your financial adviser will say: I am sorry, sir. I can't service you anymore. I can't give you advice.

So what are my friends across the aisle going to ask my constituents to do? They will be asked to sign up online for a robo-adviser where they will answer 8 to 10 questions and the computer will spit out advice for them. They get computer advice, not personal advice.

So when people make erratic decisions, bad decisions, when markets move, you get your computer advising you. Instead of calling a person, an adviser who says, ``Listen, you are not going to retire for 10, 15, or 25 years, don't sell right now. Now is not the time to sell. Hold on,'' you don't get that advice because you have a computer.

I think we have to look at the real intent of this law. Less people are going to save, and more people are going to save even less.

So, at the end of the day, you are going to see Americans enter into their retirement years without having a little nest egg for their retirement, which means more Americans are going to be more reliant and more dependent on the government, which is what this has all been about: more government reliance.

Let's make sure we empower our citizens, our people, to get financial advice and be treated fairly and honorably by the men and women who serve our communities and our constituents.

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