[Congressional Record (Bound Edition), Volume 163 (2017), Part 2]
[House]
[Pages 2523-2524]
[From the U.S. Government Publishing Office, www.gpo.gov]




                 PRESIDENT TRUMP'S FIDUCIARY DUTY RULE

  (Mr. WILSON of South Carolina asked and was given permission to 
address the House for 1 minute and to revise and extend his remarks.)
  Mr. WILSON of South Carolina. Mr. Speaker, earlier this month, 
President Donald Trump released a Presidential memorandum on the 
fiduciary duty rule, and I am grateful that President Trump has 
directed the Labor Secretary to thoroughly study this destructive rule.
  Under the Obama administration, the Department of Labor released an 
incomprehensible fiduciary rule that increased the cost of financial 
planning, reducing retirement advice for American families and 
destroying jobs.

[[Page 2524]]

  Families all over America are struggling to save for their 
retirement, and I applaud the President's swift action to study the 
harmful effects of this rule. I am confident the study will result in a 
delay or revision of this ridiculous regulation of 1,023 pages to 
define a profession.
  I will continue to advance legislation calling for a delay of 2 years 
to give Congress and the administration time to reassess the 
regulation. I appreciate the positive insight of the National 
Association of Insurance and Financial Advisers who promoted reforms 
for hardworking American families saving for retirement, and creating 
jobs.
  In conclusion, God bless our troops, and may we never forget 
September the 11th in the global war on terrorism.

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