[Congressional Record (Bound Edition), Volume 162 (2016), Part 4]
[House]
[Page 5277]
[From the U.S. Government Publishing Office, www.gpo.gov]




                       REJECT NEW FIDUCIARY RULE

  (Mr. YODER asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. YODER. Mr. Speaker, I rise today in support of hardworking 
Americans trying to save money for their retirement without government 
intrusion.
  This week, I join a majority of House Members in voting to disapprove 
of the Department of Labor's new fiduciary rule that will make it 
harder for low- and middle-income families to save for their 
retirement.
  This extreme, partisan rule, if it is allowed to be implemented, will 
have a far-reaching negative impact on all Americans currently saving 
for their retirement. It is yet another attempted power grab by 
administration bureaucrats to impose more regulations that Americans do 
not need and are not asking for. It will narrow the options for 
retirees and drive up costs preventing smart investment.
  Estimates show retirement planners would have to spend up to $4.7 
billion complying with the rule in the first year alone and another 
$1.1 billion annually thereafter. We all know who will pay for these 
costs: the consumer, the saver, the man and woman who are simply trying 
to invest in their future for their families.
  Mr. Speaker, I urge all of my colleagues to reject this new fiduciary 
rule and help all Americans retire with the financial security and 
peace of mind that they deserve.

                          ____________________