[Congressional Record Volume 162, Number 58 (Friday, April 15, 2016)]
[House]
[Page H1756]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              {time}  1145
                    OBAMACARE FOR FINANCIAL PLANNING

  (Mr. LaHOOD asked and was given permission to address the House for 1 
minute.)
  Mr. LaHOOD. Mr. Speaker, last Wednesday, the Department of Labor 
finalized its fiduciary rule--or, as we could call it: ObamaCare for 
financial planning. This rule reclassifies and expands the scope of 
individuals who are considered ``financial advisers'' and adds the 
Department of Labor as a new regulator.
  The investment advisory industry is already among the most regulated, 
but this rule will force a sweeping overhaul of the financial services 
industry. Most importantly, it will hurt middle class Americans.
  This new rule change, which circumvents the Congress and the 
Constitution, will significantly raise legal and compliance costs, 
making it expensive, difficult, and impractical for companies like 
State Farm, which is headquartered in my congressional district, and 
their advising agents to continue to provide services to small 
businesses and hardworking customers.
  Ultimately, this rule will drastically narrow the access that these 
families, who are trying to save for retirement, will have by making 
financial advice more expensive. It will even penalize small businesses 
that want to provide benefits for their employees, thereby discouraging 
small businesses from providing 401(k) plans.
  I am committed to fighting the implementation of this rule, and I 
urge my colleagues to join me.

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