[Congressional Record (Bound Edition), Volume 161 (2015), Part 7]
[House]
[Page 9865]
[From the U.S. Government Publishing Office, www.gpo.gov]




               FEDERAL OBSTACLES TO SAVING FOR RETIREMENT

  (Ms. FOXX asked and was given permission to address the House for 1 
minute.)
  Ms. FOXX. Mr. Speaker, we talk a lot in this Chamber about the 
negative impacts of overly burdensome rules and regulations handed down 
by bureaucrats in Washington.
  Nowhere are the potential negative consequences more evident than the 
700-page rule proposed by the Department of Labor. Among other things, 
it expands the Department's complex pension rules to cover IRAs as well 
as changes the definition of who is classified as a financial adviser. 
Ultimately, I believe this rule will restrict access to advice and 
drive up costs for small businesses.
  It also illustrates a fundamental difference between Republicans and 
Democrats. Democrats want everyone to end up in the same place with 
identical outcomes, and Republicans believe in providing individuals 
with the same level of opportunity. This rule seeks guaranteed outcomes 
for everyone, but there are inherent risks associated with investing.
  While I am open to modernizing current rules in order to protect 
consumers against predatory practices that pose unnecessary risks, I 
will not support efforts that make it harder for American families to 
save and plan for retirement.

                          ____________________