[Congressional Record Volume 161, Number 162 (Monday, November 2, 2015)]
[Extensions of Remarks]
[Pages E1567-E1568]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                     RETAIL INVESTOR PROTECTION ACT

                                 ______
                                 

                               speech of

                          HON. EARL BLUMENAUER

                               of oregon

                    in the house of representatives

                       Tuesday, October 27, 2015

  Mr. BLUMENAUER. Mr. Speaker, I will vote against H.R. 1090, which 
would gravely slow development of new rules designed to better protect 
individual investors.
  While I have been sympathetic to some industry concerns--in 
particular expressing an interest in further refinements with regard to 
exemptions relating to Best Interest Contracts, education, and lifetime 
income options--I have also made clear my strong support for rules 
barring the provision of advice subject to real or potential conflicts 
of interest. The Department of Labor has demonstrated an attempt to put 
forth a balanced rule that accommodates concerns from industry with 
protections for individual investors. The bill I will vote against, 
however, would bury this effort behind years of tertiary regulatory and 
congressional action.
  It is clear that Americans badly need to save more for their 
retirement. As savings policies have evolved to place the decision-
making burden on the individual, our rules must be updated to ensure 
that information is adequately shared and presented. Under the present 
system, estimates of value lost to these investors as a result of 
conflicted advice are unconscionably high. While the proposed federal 
rule is not perfect, it marks an important step forward and I look 
forward to working with the administration to continue to improve their 
effort.

[[Page E1568]]

  

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