VIDEO: "We will Protect the Retirement Security of All Americans"
Washington,
April 29, 2016 -
Following House passage of a resolution to stop the Obama administration’s controversial “fiduciary” regulation that will restrict access to and raise the cost of financial planning for lower and middle income Americans, Rep. Ann Wagner (R-MO) delivered the following remarks:
Hi, I’m Congresswoman Ann Wagner of Missouri’s 2nd District.
Today, more than ever before Americans are unsure about their future. They are struggling to save for their retirement, to put a child through college, or to one day achieve the American Dream and open their own business. And as difficult as that is today – Washington is going to make that even more challenging with a new 1,000 pages of regulations.
The Administration calls it the “fiduciary rule”, but it really is just Obamacare for Americans’ savings accounts and another power grab by Washington bureaucrats to control your retirement savings. And there is bipartisan concern about its effect.
You see, this rule, while well intentioned, will make accessing financial advice more costly and less available to millions of middle-class workers and retirees.
This is about Main Street – not Wall Street.
It is going to hurt those who can least afford it -- low and middle income Americans just trying to save a little bit for their future.
That’s why this week the House of Representatives took an important step to stand up for these Americans and stop this disastrous new rule.
We will not stand by as this Administration does to America’s savings accounts what it has done to our health care system – raise costs and eliminate choices.
We will protect the retirement security of all Americans.
