[Congressional Record Volume 162, Number 108 (Wednesday, July 6, 2016)]
[House]
[Page H4291]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              {time}  1230
                             FIDUCIARY RULE

  (Mr. EMMER of Minnesota asked and was given permission to address the 
House for 1 minute.)
  Mr. EMMER of Minnesota. Mr. Speaker, 33 percent of Americans have no 
retirement savings. This is why it is so difficult to understand why 
the Department of Labor recently finalized a ``fiduciary rule'' that 
will harm the ability of Americans, especially those of modest means, 
to save for retirement.
  By imposing new and needlessly burdensome standards on financial 
experts who provide investment advice to Americans, the ``fiduciary 
rule'' will price many retirees out of the market, causing a ``guidance 
gap'' which will lead to Americans saving less money or worse, not 
saving at all. We can't allow this burdensome rule to wreak havoc on 
the financial future of American citizens.
  I am proud to stand up for low- and medium-income Minnesotans who are 
trying to save for retirement today by voting to prevent the 
implementation of this misguided rule. Despite the President's veto, I 
remain committed to preventing this rule from harming the futures of 
everyday Minnesotans.

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