[Congressional Record (Bound Edition), Volume 161 (2015), Part 12]
[House]
[Page 16604]
[From the U.S. Government Publishing Office, www.gpo.gov]




                     RETAIL INVESTOR PROTECTION ACT

  (Mr. CURBELO of Florida asked and was given permission to address the 
House for 1 minute and to revise and extend his remarks.)
  Mr. CURBELO of Florida. Mr. Speaker, I rise today in support of H.R. 
1090, the Retail Investor Protection Act, which just passed the House.
  This bill would delay the Labor Department's regulation defining when 
an individual would be considered a fiduciary under the Employee 
Retirement Income Security Act, or ERISA.
  As a member of the House Education and the Workforce Committee, I 
have expressed serious concerns that the proposal to expand the 
definition of ``fiduciary'' will limit investor choice, prohibit access 
to investor guidance, and raise the costs of savings for retirement.
  In July, I signed a comment letter, led by Chairman Kline and 
Chairman Roe, stressing that this proposal would cut off vital 
financial advice for many low- and middle-income families and small 
business owners. We also shared concerns that this regulation would 
conflict with Securities and Exchange Commission rulemakings authorized 
in Dodd-Frank.
  I want to thank my colleague, Mrs. Wagner, for introducing this 
important legislation that will provide certainty in ensuring that 
adequate financial planning products are available for all my 
constituents in south Florida, and I stand ready to work with Chairman 
Kline to further address this issue at the Education and the Workforce 
Committee.

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