[Congressional Record (Bound Edition), Volume 161 (2015), Part 12]
[Extensions of Remarks]
[Page 16817]
[From the U.S. Government Publishing Office, www.gpo.gov]




                          PERSONAL EXPLANATION

                                 ______
                                 

                          HON. KENNY MARCHANT

                                of texas

                    in the house of representatives

                      Wednesday, October 28, 2015

  Mr. MARCHANT. Mr. Speaker, yesterday the House of Representatives 
voted on the Retail Investor Protection Act, which passed by a wide 
margin of 245-186. Allow me to make a clarification on my vote. I fully 
support this legislation and meant to vote `yea' on final passage, not 
`no'. Unfortunately, by the time I noticed the error, the vote had 
closed and I was unable to correct it. Voting `no' was not my 
intention.
  I am pleased the Retail Investor Protection Act passed the House with 
broad support. Like many of my constituents, and others across the 
country, I have serious concerns about the negative impacts that the 
Department of Labor's proposed `fiduciary rule' will have on the 
retirement savings options available to employees. I believe that the 
Retail Investor Protection Act properly addresses these concerns and 
contributes to the financial security of millions of Americans.
  On October 26, 2015, I joined my House colleagues on a letter to the 
Secretary of Labor that urged the Department to withdraw the proposed 
rule and commit to a process that avoids the arbitrariness, 
uncertainty, and inadequate analysis embodied in the proposed rule. I 
remain fully committed to these views and support the entirety of the 
Retail Investor Protection Act.

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