The House of Representatives passed H.R. 1090, the Retail Investor Protection Act sponsored by Rep. Ann Wagner (R-MO), on Tuesday by a bipartisan vote of 245-186. This bill was designed to put a stop to the Department of Labor's (DOL) proposed fiduciary rule that would make professional retirement investment advice for low and middle-income Americans inaccessible and unaffordable.
There is a strong bipartisan agreement that the DOL's misguided fiduciary rule would make it more difficult for hard-working Americans to save for their retirements and obtain their portion of the American Dream.
“The fiduciary rule will take away investment advice from hundreds of thousands, if not millions, of low and moderate income people all around the nation who rely upon this advice to save for retirement,” remarked Chairman Jeb Hensarling (R-TX) on the House floor.
Rep. Wagner said, “My constituents are tired of Washington bureaucrats telling them what food their families should eat, where they should turn for health care and, now, how they should save for retirement. I for one refuse to stand by and let this Administration advance another regulation that ultimately takes away our freedoms. The burdensome 1,000 page rule offered by the Department of Labor would do just that, increasing costs for Missouri families and reducing access to sound financial advice. I was proud to lead in this bipartisan fight to protect investors and I am hopeful that the U.S. Senate will join us in our efforts to block this onerous rule.”
House Passes State Licensing Efficiency Bill
The House of Representatives passed by voice vote H.R. 2643, the State Licensing Efficiency Act of 2015, sponsored by Rep. Roger Williams (R-TX). The bill will expand the ability of states to use a federally accepted registry, the Nationwide Multistate Licensing System, to expedite background checks for licensing purposes. The bill passed the committee by a unanimous vote of 57-0 on July 29.
“This bill is part of my larger goal in letting the states pick up where the federal government falls short,” said Rep. Williams when he introduced the bill. “The current background check process is inefficient, but this registry has a proven track record of being effective while also reducing regulatory burden.”
MEMBER SPOTLIGHT
Rep. Ann Wagner | House passes bill to halt DOL’s fiduciary rule
“Unfortunately, this rule-making from the Department of Labor could potentially cut access, limit choice and raise costs for that kind of financial advice, putting the goal of retirement even further out of reach,” Wagner said.
Weekend Must Reads
Wall Street Journal | Much Ado About the Fed’s Nothing
Chair Janet Yellen and other members keep saying that it will soon be time to move, but each time as the date approaches they find another reason not to move. Perhaps they’re afraid of taking responsibility for the consequences of raising rates if the economy turns south. At least if they stay at zero the Fed won’t be blamed for having done nothing. If column inches are a guide, all of this uncertainty is good for journalism, if not for the economy.
Forbes | Progressive Economics: The Rise Of Bureaucracy In America
Bureaucracy is suffocating America; yet, the bureaucrats themselves are doing quite well. It seems that the more they asphyxiate our economy, the more prosperous the bureaucratic class becomes.
Wall Street Journal | The Fed Has Hurt Business Investment
For real assets, the benefits of QE are far less obvious—and the results far less impressive. Weak economic data and mixed messages from the Fed in recent months only heighten our concerns about the trajectory of the economy and the sustainability of U.S. financial-asset prices.
Bloomberg View | The SEC's Kangaroo Courts
Some have likened the SEC's quasi-judicial system to a kangaroo court. Even if it isn't, it has the potential to become one. It should be restrained before it does too much damage.
On the Horizon
November 3, 2015 10:00 a.m.
Full Committee Markup
November 4, 2015 10:00 a.m.
Full Committee Hearing
"Semi-Annual Testimony on the Federal Reserve’s Supervision and Regulation of the Financial System
In the News
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Politico Pro | Yellen to testify before Financial Services Committee Nov. 4
Reuters | Fed's Yellen to appear before congressional committee Nov. 4
Bloomberg | House Passes Bill to Halt DOL Fiduciary Rule Proposal
Washington Free Beacon | 1,925 Days After Position Created to Conduct Oversight of the Fed, Obama Has Yet to Appoint Someone
Detroit News | Obama Rules Deny Small Investors Advice
Bloomberg | Yellen to Testify Nov. 4 on Bank Regulation Before House Panel
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American Banker | Yellen to Testify on Fed Regulatory Activities