[Congressional Record Volume 162, Number 67 (Friday, April 29, 2016)]
[Extensions of Remarks]
[Page E627]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




DISAPPROVING DEPARTMENT OF LABOR RULE RELATED TO DEFINITION OF THE TERM 
                             ``FIDUCIARY''

                                 ______
                                 

                               speech of

                            HON. JOE WILSON

                           of south carolina

                    in the house of representatives

                        Thursday, April 28, 2016

  Mr. WILSON of South Carolina. Mr. Speaker, the following is a letter 
that was submitted to our office by Christopher A. Iacovella, Esq., the 
Chief Executive Officer for the Equity Dealers of America, expressing 
the organization's support for H.J. Res. 88, ``Disapproving the rule 
submitted by the Department of Labor relating to the definition of the 
term `Fiduciary,' '' on April 28, 2016:

       Dear Speaker Ryan and Leader Pelosi: The Equity Dealers of 
     America (EDA) is writing to you today to urge the U.S. House 
     of Representatives to take up and pass H.J. Res. 88, 
     `Disapproving the rule submitted by the Department of Labor 
     relating the definition of the term ``Fiduciary'' '.
       The EDA represents the interests of middle market financial 
     services firms who provide ``Main Street'' businesses with 
     access to capital and advise hardworking Americans how to 
     create and preserve wealth. Our geographically diverse 
     membership includes BB&T Securities (NC), D.A. Davidson & Co. 
     (MT), Hilliard Lyons (KY), Hilltop Securities (TX), Janney 
     Montgomery Scott (PA), KeyBanc Capital Markets (OH), Piper 
     Jaffray (MN), Raymond James Financial (FL), Robert W. Baird & 
     Co. (WI), Stephens Inc. (AR), Stifel Nicolaus & Company (MO), 
     William Blair & Company (IL), and Wunderlich Securities (TN).
       We strongly believe that Department of Labor exceeded its 
     Congressionally granted authority when it finalized its 
     ``Fiduciary Rule'' on April 6, 2016. We believed prior to the 
     passage of the rule passage, and continue to believe now, 
     that this rule will (1) reduce access to financial advice for 
     low and middle income Americans; (2) increase costs for 
     retirees by pushing them into inappropriate and expensive fee 
     based financial solutions; and (3) unnecessarily interfere 
     with an individual's ability to make his/her personal choices 
     about investing and saving for retirement.
       We strongly support the U.S. House of Representatives as it 
     takes up H.J. 88 and we look forward to its swift passage.

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