[Congressional Record Volume 163, Number 21 (Tuesday, February 7, 2017)]
[Extensions of Remarks]
[Page E161]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                 PRESIDENT TRUMP'S FIDUCIARY DUTY RULE

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                            HON. JOE WILSON

                           of south carolina

                    in the house of representatives

                       Tuesday, February 7, 2017

  Mr. WILSON of South Carolina. Mr. Speaker, President Donald Trump on 
Friday released a Presidential Memorandum on the Fiduciary Duty Rule 
and I am grateful that President Trump has directed the labor secretary 
to thoroughly study this harmful rule.
  Under the Obama Administration, the Department of Labor released a 
burdensome fiduciary rule that increased the cost of financial planning 
reducing retirement advice for American families.
  Families all over the country are struggling to save for their 
retirement and I applaud the President's swift action to study the 
harmful effects of this rule I am confident a study will result in a 
delay or revision of this ridiculous regulation of 1023 pages to define 
a profession.
  I will continue to advance legislation calling for a delay of two 
years to give Congress and the Administration time to reassess the 
regulation. While I will continue to advance legislation, any delay 
would be a victory for hardworking American families struggling to save 
for retirement creating jobs.
  In conclusion, God Bless Our Troops and may we never forget September 
11th in the Global War on Terrorism.

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