[Congressional Record (Bound Edition), Volume 161 (2015), Part 11]
[House]
[Page 14866]
[From the U.S. Government Publishing Office, www.gpo.gov]




           DEPARTMENT OF LABOR FIDUCIARY RULE HURTS FAMILIES

  (Mr. PAULSEN asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. PAULSEN. Mr. Speaker, having access to sound financial advice can 
make a big difference in the lives of Americans. It is about planning 
ahead and taking action to set money aside and invest so families can 
buy a home, send their children to college, and save up for retirement. 
However, a proposed rule by the Department of Labor threatens access 
for millions of hardworking Americans that seek financial advice.
  While well-intentioned, in reality, the proposed fiduciary rule will 
present operational challenges and force those who give financial 
advice to work under conflicting rules from two separate regulatory 
agencies. Unfortunately, those that will be most harmed from this rule 
will be families of modest means.
  Mr. Speaker, I have worked on this issue for years, and I continue to 
hear from Minnesotans sounding the alarm for what this will mean for 
those who are planning for their future.
  I urge the Department of Labor to reconsider this rule or to delay it 
until we can find a more commonsense alternative.

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