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Providing for Consideration of H.R. 992, Swaps Regulatory Improvement Act, and Providing for Consideration of H.R. 2374, Retail Investor Protection Act

Floor Speech

Location: Washington, DC


Mr. HOLT. Mr. Speaker, I want to join my friend from Colorado in lamenting the lack of legislative action on immigration and so many other issues.

I am sure the gentleman doesn't want to leave the impression that Members of Congress do nothing when we are not actually in session. However, the lack of number of days in session, the small number of days in session, is really symptomatic of the problem. It is an unwillingness to deal with the great issues of the day, be they immigration, appropriations and funding for government activities, reauthorizing the Elementary and Secondary Education Act to replace No Child Left Behind, providing workplace training and job creation, the transportation legislation and nutrition programs.

It is worth pointing out that only now--I mean right now, we are about to lose 13 percent in the SNAP program, the food stamp program. For all of those reasons, we should be working here in the Chamber and in committee and elsewhere.

Mr. Speaker, I rise today in opposition to the so-called Retail Investor Protection Act, which is one more attempt to delay and derail implementation of the Dodd-Frank Wall Street Reform law. The financial crisis should be all the evidence we need to know that stronger, not weaker, enforcement; tougher, not weaker, regulations are necessary.

Dodd-Frank is the law of the land. Yet, as with ObamaCare, the Republican agenda consists only of delay and repeal, with no solutions to, in this case, prevent a future economic meltdown.

I want to be clear that, in voting against this bill, I am not stating approval or endorsement of the U.S. Department of Labor's proposed fiduciary rule. In fact, since 2011, I have voiced concerns about how the proposed changes to the definition of ``fiduciary'' might lead to a reduction in financial education and access to investment advice.

The SPEAKER pro tempore. The time of the gentleman has expired.

Mr. POLIS. I yield the gentleman an additional 30 seconds.

Mr. HOLT. Americans are not well prepared for retirement. I have long believed that the more investment advice available to employees the better. They need more advice, not less; more encouragement to invest, not less.

I look forward to continuing to work with the Secretary of Labor to craft a rule to allow more Americans, not fewer Americans, to be better prepared, not less prepared, for retirement.

I thank the gentleman from Colorado for the time.


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