[Congressional Record (Bound Edition), Volume 161 (2015), Part 10]
[House]
[Page 14454]
[From the U.S. Government Publishing Office, www.gpo.gov]




                  DEPARTMENT OF LABOR'S FIDUCIARY RULE

  (Mr. DUFFY asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. DUFFY. Mr. Speaker, today, I rise to express great concern about 
the Department of Labor's fiduciary rule. This is a rule that is going 
to have a substantial impact on lower-income and middle-income savers, 
the men and women and the families that we want to get good advice from 
advisers so they can save and plan for their retirement. This rule is 
going to make it harder for American families to save for that eventual 
day of retirement.
  For decades, my constituents in Wisconsin have been served by well-
regulated financial institutions, and they include the mutually owned 
cooperatives and the fraternal membership organizations. These 
organizations only do well if they serve their customers and their 
clients well, and if they don't serve them, the clients walk down the 
street, and they go somewhere else.
  This Department of Labor fiduciary rule is going to take the advice 
away from folks who need the most advice when they are saving. It is an 
idea that Washington knows best and that people with full disclosure 
can't make the right decisions for their families.
  This rule is a disaster, and my concern is less people are going to 
save, which means more people are going to be reliant on the Federal 
Government. That is a wrong approach. Let's not let this rule go 
through.

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