Disapproving Department of Labor Rule Related to Definition of the Term ``fiduciary''

Floor Speech

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Mr. ELLISON. Mr. Speaker, I thank the gentleman from Virginia for his hard work.

We know that, when people leave their jobs, they may get a call from an adviser offering to help the worker roll over their 401(k) or 403(b) into an IRA.

What the worker does not know is that the adviser oftentimes is really a salesperson. That salesperson has no responsibility to put the worker's best interest first. The law did not require a best-interest standard.

So some advisers steer people to high-cost products with hidden fees and hidden commissions. This practice by some, but not all, financial advisers strips wealth from families trying to save for retirement.

For 15 years consumer and investor advocates have fought to protect savers from these conflicts of interest. Finally, the Obama administration and Democrats worked with industry for a workable, best- interest standard.

Today's vote is clear: Do you support rules that protect savers' ability to build wealth? Do you want to protect investors from conflicts of interest?

I do. That is why I oppose today's effort by Republicans to put the profits of the financial advisers ahead of future retirees. Best interest of the saver and the worker, not the best interest of the industry, is how you should vote today. Vote ``no.''

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