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TIBERI: “This is about middle class Americans”

Key excerpts from Congressman Tiberi's remarks on The SAVERS Act

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Washington, February 3, 2016 | Olivia Hnat | comments

Today, the Ways and Means Committee held a markup for H.R. 4294, The SAVERS Act of 2015, which would ensure that low- and middle- income Americans continue to have access to quality, affordable financial advice to help them plan and save for retirement.

The Department of Labor is currently considering a proposal to expand the definition of “fiduciary,” and limit Americans' access to in-person and trusted financial advisors. As Congressman Tiberi said today, “there is a ton of anxiety in America” about this flawed rule because it would make it harder for Americans to save and plan for the future. 

To protect American's access to quality financial advice and stop the DOL’s “fiduciary rule," The SAVERS Act would:

  • Require a vote by Congress before any rule by the Department of Labor goes into effect.
  • Protect Americans seeking financial advice for retirement from bad actors by requiring investment advisers to always act in the best interests of their clients.
  • Ensure Americans have access to the tools they need in order to make financial decisions that impact their family and future.

Key excerpts from Congressman Pat Tiberi's remarks on H.R. 4294:

“I think about my mom and dad, who are on a fixed income, who would be the very people who would be hurt by this rule, and millions like them. You don’t have to have 20 congressional hearings and you certainly aren’t going to hear about it in Zaire, but you will hear about it in your corner barbershop. Go to downtown Seattle, go to downtown Columbus. Listen to what the barbershops’ customers are saying. Go to local a local diner. There is a ton of anxiety in America about this.

“This isn’t about companies. This is about middle class Americans—mom and dad trying to put some money away for retirement and to save for their kids. It is not about millionaires and billionaires. They are going to be just fine under this rule. That is the irony. And, that is the leadership that Mr. Neal has provided. This should be really easy. This shouldn’t be complicated. This shouldn’t be hard. This shouldn’t be political. This shouldn’t be about Republicans and Democrats. This shouldn’t be about setting precedents.”

“This issue has received a ton of coverage, a ton of media coverage, and a lot of main street coverage from our constituents who are out there filled with anxiety about what this means for their future. I hope we can all take a deep breath and work together to look out for moms and pops, and people like them-- like my mom and dad-- from all over the country, who will be impacted by this rule if it goes into effect.”

Read More:

Read the Bill: H.R. 4294, The SAVERS Act 
Ways and Means Committee: Members Vote to Protect Americans’ Retirement
Ways and Means Committee: Full Committee Markup
The Daily Caller: Lawmakers Set to Unveil Bill Attempting to Save Access to Retirement Advice


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