tv U.S. House of Representatives Legislative Business CSPAN April 28, 2016 12:00pm-2:01pm EDT
it's interesting when you bring that closer to home, do i believe. mr. thompson: i would say that if they were -- guantanamo bay, they are away from harming any other citizens. that's one of the most serious concerns that we have about bringing them to the united states soil. and to bring them into a community such as governor haley's, charleston, or something like fort leavenworth where they are communities of veterans as well as just citizens like myself living there, that's going to cause them undue threat, concern, economic impact social impact, psych local impact. all these things.
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students are victims. in 2013, we passed the campus save act which i authored. it ensures campuses adopt clear, comprehensive procedures to investigate and report accurate statistics on sexual assault. but this is not enough. one person becomes a victim of assault every 107 seconds in america. that's over 300,000 a year. our bill would require a national servais of students to identify key risk factors for sexual assault. and evaluate best practices to reduce sexual violence. the bill would also provide resources for victims of sexual assault, including confidential advisors. these are commonsense reforms that will make a world of difference by keeping our students safer on our college campuses. thank you. the speaker pro tempore: the gentlewoman yields back. for what purpose does the gentleman from california seek recognition?
mr. lamalfa: unanimous consent to address the house for one minute. the speaker pro tempore: without objection, the gentleman is recognized for one minute. mr. lamalfa: thank you, mr. speaker. last month prune growers of the sacramento valley of california were optimistic about 2016. for the first time in a while they saw relief from the drought and rough crop prices which were quite a bit down. little prunes on the trees gave hope for healthy harvest with an estimated value of up to $120 million for the year. just a few weeks weekes later, these same farmers are questioning whether there will be a harvest following very rough weather during the critical bloom period. yet the reality of the risks faced by farmers and ranchers. before blindly attacks sound policies, i ask my colleagues to take a close look what it takes to feed our nation, nepts a year like this when farming comes down over 50%. these policies are not meant for the got crop years or harvest, they exest for the terrible crop years. mr. speaker, weather is unpredictable, as are natural
disasters and fickle markets. however we can make sure farmers have access to tools to manage these risks in an efficient manner. let's not jeopardize this viteral bram -- vital program. the speaker pro tempore: for what purpose does the gentleman from oregon seek recognition? >> to address the house for one minute. the speaker pro tempore: without objection, the gentleman is recognized for one minute. mr. defazio: flags of convenience, so-called, have decimated the u.s. maritime industry. a tiny fraction of its former size. it's a system where owners chase the cheapest, most exploitable labor and the least regulation around the world. the department of transportation under the obama administration in its wisdom wants to bring that system to aviation. won't that be great. when we are all flying in planes with crews coming out of indonesia or india or somewhere elsewhere they can be exploited, paid less, and maybe have kind of questionable credentials. they are issuing pilot certificates in india to people
who have never flown a plane. that will just be dandy. hey, the takets will be cheap. you might not get there, but you paid less to get on. this is absolutely absurd. we have the safest and best system of aviation in the world with our proud domestic airlines. their employees get decent wages. we fly safe and we want to now go to flags of convenience? they are ignoring the clear language of the open skies agreement in making this decision. no to the obama administration. the speaker pro tempore: the gentleman's time has expired. for what purpose does the gentleman from michigan seek recognition? >> unanimous consent to address the house for one minute. the speaker pro tempore: without objection, the gentleman is recognized for one minute. mr. walberg: mr. speaker, talk to your neighbors, turn on the local news and you hear the tragic stories of how open point of order abuse is devastating families across this country and in my state of michigan.
combating this epidemic requires us to work together to tackle it head on. no effort is too small and each of us can do our part. one way to help is participating in national prescription drug takeback day. which takes place this saturday, april 30. it's an opportunity for citizens to clean out their medicine cabinets of unwanted medications with no questions asked. safe disposal expired prescription drugs is an important step to preventing abuse. authorized dropoff sites are located all across michigan's seventh district, and i'll be stopping by at one of those sites, the jackson police department on saturday. mr. speaker, this is not a republican or democrat issue. it's a human issue. and it affects us all. i yield back. the speaker pro tempore: the gentleman yields back. for what purpose does the gentlewoman from california seek recognition? >> i ask unanimous consent to address the house for one minute. the speaker pro tempore: without objection, the gentlewoman is recognized for one minute. ms. hahn: thank you, mr.
speaker. i rise today in solidarity with the armenian community to commemorate 101 years since the start of the armenian genocide. on april 24, 1915, more than 300 armenian leaders were taken from their homes, arrested, and systematically executed. they were the first killed in what would eventually become a genocide resulting in the deaths of 1.5 million innocent men, women, and children. over a century later, the arbean meanian people have vowed to never forget these atrocities. the children and grandchildren of the genocide victims have worked hard to remember and honor those who have suffered. for too long this crime has gone unrecognized and unpunished. this weekend in los angeles, california, 60,000 people came together outside of the turkish consulate who rally for a long
overdue acknowledgement of their ancestor's murders. i am proud to be a member of the congressional armenian caucus and i stand by the armenian american community in los angeles and throughout this country in their call for recognition and justice. i yield back. the speaker pro tempore: for what purpose does the gentleman from texas seek recognition? >> unanimous consent to address the house for one minute. the speaker pro tempore: without objection, the gentleman is recognized for one minute. >> mr. speaker, i rise today to honor the passing of lifelong galveston county resident, jimmy haley. a fixture in our community jimly was the president and c.e.o. of the texas chamber of commerce for almost 30 years. where he helped foster economic development that brought positive growth to our community. jimmy was the model for other chamber leaders in our region. he set the bar for how to run the organization, helping businesses around the area grow, and become a positive influence in our community. mr. weber: not only was he an amazing family man to his wife,
two sons, and seven grandchildren, he was a great mentor and a wonderful friend to so many folks. while our community has suffered a great loss in the passing of jimmy, it is important that we celebrate his life and all the growth and progress during his tenure that will continue in his memory. my thoughts and prayers are with jimmy's family and friends during this difficult time. god bless them all. mr. speaker, i yield back. the speaker pro tempore: the gentleman yields back. for what purpose does the gentleman from california seek recognition? >> ask unanimous consent to address the house for one minute. the speaker pro tempore: without objection, the gentleman is recognized for one inute. >> dear lodge mon tan,ary arlen lee, 37. augustine, 5. woodrow, 4. harry, 1. bell fair washington, february 26, 2016, donna reed, 68 years
old. lana karlsson, 49. torrey karlsson, 18. quinn karlsson, 16. fort bliss, texas, september 14, 2014. pamela k. rhodes, 63. ricky ray collier, 56. laura ogden, 32. orange, california, february 19, 2013. melvin edwards, 69. jeremy lewis, 27, courtney identify yolky, 20. mr. peters: wisconsin, march 3, 2015, jonathan, 33. adam, 31, aaron, 31, olivia, 11. akron, ohio, april 18, 2013. ronald roberts, 24. kim delaney -- thank you, mr. speaker. the speaker pro tempore: for what purpose does the gentleman
from texas seek recognition? >> unanimous consent to address the house for one minute. the speaker pro tempore: without objection, the gentleman is recognized for one minute. >> mr. speaker, i rise today to recognize the extraordinary career of dr. diana, one of our nation's foremost experts on higher education. she has transed formed the university of texas at el paso into a premiere institution and national success story. she was recently recognized by "time" magazine as one of the 100 most influential people in the world. in 1988, she was named president of the university and increased enrollment from 15,000 to 20,000 students who reflect the demographics of the texas-mexico border region. utep is the only research institution in the united states that serves a predominantly mexican-american student boddy. mr. hurd: it serves as a model to universities across the country and truly proud to congratulate her for the remarkable achievement of being named one of "time" magazine's
100 most influential people in the world. i yield back. the speaker pro tempore: the gentleman yields back. for what purpose does the gentleman from new york seek recognition? mr. higgins: unanimous consent to address the house for one minute. the speaker pro tempore: without objection, the gentleman is recognized for one minute. mr. higgins: mr. speaker, i'm proud to co-sponsor the families of flint bill introduced by mr. kildee who has been working tirelessly to help his community cope with the crisis there. the tragedy in flint has brought to light the danger of using lead pipes to deliver drinking water particularly in older cities. according to the e.p.a., 10 million american homes and buildings receive drinking water from lead pipes. time is now to act but congress has cut. congress budgeted $906 million for safe drinking water fund. that is a cut of 34% compared to
2010 and far below what is needed over the next 20 years. we can do much better. i don't know if a national lead pipe replacement program would have prevented the crisis in flint. i yield back. the speaker pro tempore: the gentleman yields back the balance of his time. for what purpose does the gentleman from minnesota seek recognition? >> seek unanimous consent to address the house for one minute. the speaker pro tempore: without objection. it is with great pride that i rise to celebrate carver county for being named the healthiest county in minnesota. this is the fourth consecutive year that the county has received this ranking. they are completed by the road maps program and are based on multiple factors including clinical care, physical environment and quality of life. we are proud of the people,
businesses and health care providers for working to ensure that everyone in our community has the ability to lead a healthy life for encouraging our many local leaders to implement change and constantly striving to influence health in a positive way. it is because of the residents' hard work and determination that carver county is the wonderful community that it is today. and for that, we all say thank you. i yield back. the speaker pro tempore: the gentleman yields back the balance of his time. for what purpose does the gentleman from california seek recognition? >> ask unanimous consent to address the house for one minute. the speaker pro tempore: without objection. the gentleman is recognized. >> the zika virus results in devastating human illness like small deformed brains in infants. it has already infected 900 people in the united states and its territories and just a matter of time before it will rapidly spread in the united states. mr. speaker, congress needs to do its job and protect the
health security of the american people and vote for emergency funding to fight zika now before we adjourn and before it's too late. listen to the sciencists, to the public experts and c.d.c. all of them are echoing are the same warning, funding is imperative to prevent the spread of zika and it is our responsibility, our moral obligation as members of congress to protect the public against this potential crisis. what are we waiting for? the house should not adjourn 5044, e have passed h.r. the emergency supplemental on the zika virus. i yield back. the speaker pro tempore: the gentleman yields back the balance of his time. for what purpose does the gentleman from kansas seek recognition? >> permission to address the house for one minute. the speaker pro tempore: without objection. >> i rise today in support of hardworking americans trying to save money for their retirement without government intrusion. i join the majority of house
members in voting to disapprove of the new fiduciary role that will make it harder for families to save for their retirement. this extreme partisan rule will have a far-reaching negative impact on americans currently aving for their retirements. it will narrow the options for retirees and drive up costs. estimates show that retirement planners would have to spend up to $4.7 billion complying with the rule in the first year alone and another $1.1 billion annually thereafter. we know who will pay for these costs, the consumer, the saver, the man and woman trying to invest in their futures. i urge my colleagues to reject this fiduciary rule and help americans retire with the financial security and peace of mind they deserve. i yield back.
the speaker pro tempore: for what purpose does the gentleman from illinois seek recognition? >> i ask unanimous consent to address the house for one minute. the speaker pro tempore: without objection. the gentleman is recognized for one minute. >> mr. speaker, i rise today to recognize april as sexual assault awareness month. as a father of two daughters, this issue is deeply personal for me. when i think of my daughters' future, one in five women have presenced sexual assault. that's why we need to pass the campus accountability and safety act. this is a commonsense bipartisan solution to protect students and boost accountability and transparency at colleges and universities. every day that goes by without passing this bill, more students are put at risk. mr. dold: for me that is unacceptable. this issue isn't just limited to college campuses. i commend some of the amazing organizations that are working to keep families safe.
the safe place has done incredible work in illinois. not only have they worked to provide resources and shelter to the survivors of sexual assault and domestic abuse but demonstrated a strong commitment to fighting the root cause. we must provide these incredible organizations with the resources they need so we can prevent sexual assault and keep families safe. i yield back. the speaker pro tempore: for what purpose does the gentleman from georgia seek recognition? >> ask unanimous consent to address the house for one minute. the speaker pro tempore: without objection. the gentleman is recognized for one minute. mr. collins: i recognize 11 young men and women from my district who attended one of our four. united states service academies provide outstanding opportunities to gain the skills necessary to serve their country. it is my time to congratulate each one of these.
jake could be, tiffany, corey will be attending air force academy. jonathan will be attending the united states military academy, jaunch attending the united states merchant marine academy. and austin will be attending the naval prep pa tower school in rhode island. i thank them for the impact they will have. i would like to thank one of our interns who will be leaving us next week and all the work he has done in our office and we look forward to seeing him back in the district. i yield back. the speaker pro tempore: the gentleman yields back the balance of his time. for what purpose does the gentleman from florida seek recognition? >> permission to address the house for one minute, revise and extend. the speaker pro tempore: the gentleman is recognized. >> i rise a gentleman who has
dedicated our life to serving our nation a hero who hales from the state of florida, michael s. wilson. he is retiring from general dynamics after 47 years of service to our war fighters and the defense try. he has distinguished himself by fielding 15 programs. one of mike's greatest achievement is the tactical systems during the urgent ramp up required. virtually overnight he saw the production lines and provided ammunition when it was needed the most. mr. speaker, the industrial base, commercial industry and each branch of our armed forces will miss mike wilson's leadership. let us recognize his service and dedication to the mission of supporting our war fighters. i ask that this body join me in honoring and congratulating mike on the most honorable and truly energetic and innovative career. i yield back.
the speaker pro tempore: the gentleman yields back the balance of his time. for what purpose does the gentleman from virginia seek recognition? >> i ask unanimous consent to address the house for one minute and resize and extend my remarks. the speaker pro tempore: without objection. the gentleman is recognized for one minute. >> mr. speaker, i rise today to highlight an event, 785th celebration of the united states army officers candidates school. the school program was established in 1941 when the secretary of war, the war department and army chief of staff agreed that a frank program was needed to quickly commission new officers. since its inception, the demand for well trained junior officers has expanded and contracted as american soldiers have been involved in world war ii, korea, vietnam, iraq and the war on terror. the army officer candidates school demonstrates flexibility, professionalism and exceptional ability to provide u.s. army with competent, well trained and fearless officers in the most
responsive time possible. the graduates are recognized as leaders in the nation's first and best line of defense in the army and are essential to fighting and win our nation's wars. i would like to congratulate them on the 75th anniversary celebration. mr. speaker, i yield back. the speaker pro tempore: the gentleman yields back the balance of his time. for what purpose does the gentlewoman from florida seek recognition? >> permission to address the house for one minute and revise and extend. the speaker pro tempore: without objection. the gentlewoman is recognized for one minute. ms. ros-lehtinen: april is autism awareness month and according to the c.d.c. one in 68 children in the united states have been diagnosed with an autism spectrum disorder and about 3.5 million americans are living with some form of autism. as a member of the congressional coalition on autism research and education, i'm working with my colleagues to ensure that children with autism have the
same opportunities as anyone else to lead productive and meaningful livings in a dulthood because it is unacceptable that 35% of young adults with autism are unable to get a job or study in college after high school. we must continue, mr. speaker, to make progress toward effective treatment and a cure. so that all individuals are able to achieve their full potential and lead their own beautiful mark on the world. thank you, mr. speaker. the speaker pro tempore: the gentlewoman yields back. for what purpose does the gentleman from georgia seek recognition? mr. carter: ask unanimous consent to address the house for one minute and revise and extend my remarks. the speaker pro tempore: without objection. the gentleman is recognized for one minute. mr. carter: mr. speaker, i rise today to recognize saturday, april 30, as national prescription drug take-back day. in the 30 years i served as a community farm asist before my election to congress,
prescription medication saved lives but at the same time i watched addiction ruin careers, families and lives. 44 people in the u.s. die every day from prescription painkillers and overdoses and they are the leading cause in the u.s. exceeding car accidents. prescription medications have become the target of theft and abuse and it is critical we are playing our part in combatting the prescription drug abuse epidemic by safely disposing of unused medications. the d.e.a. will host collection sites where americans can drop off prescription drugs. in the 2nd congressional district, military and law enforcement agencies will host collection site. .gov. www.dea together, we can end this
epidemic plaguing our nation. i encourage everyone to take part of this event. the speaker pro tempore: for what purpose does the gentlewoman from north carolina seek recognition? ms. foxx: i ask unanimous consent to address the house for one minute. today, the u.s. department of commerce announced that the gross domestic product, an important measure of our nation's economic health grew by 0.5% in the first quarter of 2016. it is the worst performance in two years and dismal news for the u.s. economy. during the last three months consumer spending has slowed. business investment has plummeted and exports have continued to decline. we need a stable and predictable tax code under which families and businesses are best able to plan for the future. it is also possible to relieve the regulatory burden on small
businesses and other job creators while balancing environmental stewardship, public safety and consumer interests. while our economy has been hampered by the progressive ideology of the current administration, my republican colleagues and i will continue to pursue our agenda of economic growth so americans can feel confident in their future. i yield back. the speaker pro tempore: the gentlewoman yields back. the chair lays before the house a communication. the clerk: the honorable, the speaker, house of representatives, sir, pursuant to the permission granted in clause 2-h of rule 2 of the u.s. house of representatives, the clerk received the following message from the secretary of the senate on april 28, 2016 at 11:45 a.m., appointment, united states commission on international religious freedom, with best wishes, i am signed sincerely karen l. haas.
the speaker pro tempore: for what purpose does the gentlewoman from north carolina seek recognition? ms. foxx: mr. speaker, by direction of the committee on rules i call up house resolution 706 and ask for its immediate consideration. the speaker pro tempore: the clerk will report the resolution. the clerk: house calendar number 110, house resolution 706, resolved, that upon adoption of this resolution it shall be in order to consider in the house the bill h.r. 4901, to re-authorize the scholarships for opportunity and results act, and for other purposes. all points of order against consideration of the bill are waived. the bill shall be considered as read. all points of order against provisions in the bill are waived. the previous question shall be considered as ordered on the bill and on any amendment thereto to final passage without intervening motion except, one, one hour of debate equally divided and controlled by the chair and ranking minority member of the committee on oversight and government reform, and two, one motion to recommit. section 2, upon adoption of
this resolution it shall be in order to consider in the house the joint resolution h.j. res. 88, disapproving the rule submitted by the department of labor relating to the definition of the term fiduciary. all points of order against consideration of the joint resolution are waived. the joint resolution shall be considered as read. all points of order against provisions in the joint resolution are waived. the previous question shall be considered as ordered on the joint resolution and on any amendment thereto to final passage without intervening motion except, one, one hour of debate equally divided and controlled by the chair and ranking minority member of the committee on education and the work force, and two, one motion to recommit. section 3 on any legislative day during the period from may 2, 2016, through may 9, 2016, a, the journal of the proceedings of the previous day shall be considered as approved, and b, the chair may at any time declare the house
adjourned to meet at a date and time, within the limits of clause 4, section 5, article 1 of the constitution, to be announced by the chair in declaring the adjournment. section 4, the speaker may appoint members to perform the duties of the chair for the duration of the period addressed by section 3 of this resolution as though under clause 8-a of rule 1. section 5, the committee on armed services may, at any time before 5:00 p.m. on wednesday, may 4, 2016, file a report to accompany h.r. 4909. the speaker pro tempore: the gentlewoman from north carolina is recognized for one hour. ms. foxx: thank you, mr. speaker. during consideration of this resolution all time yielded is for the purpose of debate only. i now yield the customary 30 minutes to the gentlewoman from new york, ms. slaughter, pending which i yield myself such time as i may consume. mr. speaker, i ask unanimous consent that all members may
have five legislative days to evise and extend their remarks . the speaker pro tempore: without objection. ms. foxx: mr. speaker, house resolution 706 provides a closed rule for consideration of h.r. 4901, the scholarships for opportunity and results re-authorization act, as it is the product of careful bipartisan and bicameral negotiations. it also provides a closed rule for consideration of h.j.res. 88, disapproving the rules committed by the department of labor relating to the definition of the term fiduciary. which is traditional for congressional review act resolutions. the underlying bill and resolution we will consider today are important steps forward on two issues of great concern to americans. education and retirement savings. h.r. 4901, the scholarships for opportunity and results re-authorization act, also
known as the soar re-authorization act, would continue important funding provided to help young students here in washington, d.c., reach their full potential. this legislation would provide $60 million annually for five years split equally among the districts. public schools, charter schools, and the district of columbia opportunity scholarship program, which enables low-income students to attend a private school that would otherwise be out of their reach. i have great confidence that the soar re-authorization act is a positive step for students in the district of columbia and that through its example it will provide a model of success that could be adopted by states across the country. with adoption of this rule, the house will also provide for consideration of h.j.res. 88, a congressional review act resolution disapproving of the department of labor's fiduciary rule, a rule that will otherwise soon take effect and
limit the ability of americans to receive adequate advice on how to allocate their retirement savings. if enacted, this resolution will prevent the red tape and other burdensome mandates threatened to cut off access to trusted financial advisors and may result in lower savings rates and returns on investment. as americans are clamoring for more assistance with retirement savings and financial decisions, we must ensure that they are encouraged to continue saving and able to receive helpful guidance. stopping the harmful fiduciary rule is an important step in that direction. mr. speaker, i commend this rule and both the underlying bills -- bill and resolution to my colleagues for their support, and i reserve my. the speaker pro tempore: the gentlewoman reserves. for what purpose does the gentlewoman from new york seek recognition? ms. slaughter: new york, mr. speaker. thank you very much. i appreciate my colleague
yielding me the time. i yield myself such time as i may consume. the speaker pro tempore: the gentlewoman is recognized. ms. slaughter: mr. speaker, today the majority intends to pass a resolution of disapproval. under the congressional review act to overturn the department of labor's recent rule making requiring financial advisors, providing retirement investment and advice, to abide by a fiduciary standard. meaning that they must act in the best interest of their clients. which seems perfectly legitimate to me. that's right, the house majority is disapproving of financial advisors acting in the best trf their clients. -- interest of their clients. despite the growing importance of individual workers and retirees obtaining sound investment advice, many financial advisors are still not legally required to meet the fiduciary standard of acting in their client's best interests. but instead required only to meet a lower suitability, quote
end quote, standard. this creates a conflict of interest where advisors are permitted to promote investments that maximize their own returns rather than the client's returns, as long as the investments were still, quote suitable, unquote, for their clients. that means a small few, very small few, of unscrupulous financial advisors have been legally permitted to steer clients toward financial products that maximize the advisor's profits through higher fees and commissions, even if investments that would produce a greater return for the client are available. few financial advisors, i am sure, are taking advantage of their clients saving for retirement. some experts, however, feel that this rule is necessary. in fact, the white house council of economic advisors estimates that the cost to american retirees is $50 billion annually. that is no small sum, and i
think does cry out for attention. it is absurd that due to loop holtz in the current system retirees -- loopholes in the current system retirees do not have a legal right to expect that the financial advisors are acting in their best interest. when you visit your doctor, you have the legal right to expect that he-she will prescribe whatever treatment is in your best interest. you shouldn't have to guess whether or not your financial advisor is following the same fiduciary standard. the labor department's final rule will close these loopholes, protect worker savings, and ensure that financial advisors act in their clients' best interests. the final result -- rule is the result of a thoughtful, thorough, and transparent multiyear process that stands in stark contrast to the majority's decision to rush to judgment and overturn this rule at a record unheard of pace. the majority marked up the
resolution, h.s. res. 88, only 13 days after the final rule had been published. so in 13 days they understood it was totally unnecessary, despite the $17 billion lost to clients. this is shorter than the 55 days that other committees wait on average to ensure that there is ample time to fully understand the impact of the final rule. in its rush to judgment, the majority has been blinded by ideological opposition to any action taken by the obama administration and missed the many changes that have left industry leaders optimistic. including many of the major financial houses and many of the people whose livelihood is in this kind of advising. the majority's ignoring two important protections the rule provides the american workers trying to save for their retirements. first, peace of mind. and second, to make sure everything is done in their interest. mr. speaker, all of us are sent here to work in the best
interest of the american people. not to shield financial companies. and i urge my colleagues to vote no on this disapproval resolution. what's more, yet another grab bag rule add joins two unrelated measures under a single rule, republicans are proposing another misguided bill to meddle in the district of columbia's local affairs. the majority's already tried to overturn the district's marijuana, gun, and abortion laws, and now they intend to write d.c.'s education law in an attack object the district of columbia's right to home rule. the d.c. voucher program exempts students from the protection of federal civil law rights that apply to public schools. why in the world would we want to do that to them? and the federally funded programs that go with those civil service law protections. and under the voucher program, federal funding is considered assistance to the voucher student and not to the school
and therefore the voucher program is not considered a federally funded program. program is extempt from titles 4 and 6 of civil rights act of 1964. title 9 of the education act of 1972, the equal education opportunities act of 1974, the individuals with kiss abilities -- disabilities education act rehabilitation act of 1973, and titles 2 and 3 of the americans with disability act of 1990. why in the world -- i appreciate we are not doing anything here that will affect the government in anyway, and undoubtedly this again will be a one house bill and we have yet wasted a week's worth of $24 million it takes to run the house. i urge my colleagues to vote no on this bill. i reserve the balance of my time. the speaker pro tempore: the lady reserves. the lady from south carolina is recognized. ms. foxx: -- north carolina is
recognized. ms. foxx: thank you, mr. speaker. the scholarships for opportunity and results re-authorization act is a program that makes students the priority. first authorized in 2004, this program has provided significant life changing benefits to students for over a decade. it is no secret that many students in the district of columbia have not received the education they deserve. with fourth graders in the district scoring below all 50 states in average math and reading scores in 2013. eighth graders had the lowest average math and reading scores in the country. the soar re-authorization act continues a three sector strategy to improve education in the district of columbia. first, it provides additional resources to the public system for its use in improving student achievement. an equal amount is provided to the innovative charter schools opening across the district
that provide a valuable alternative for students seeking a different experience. finally, through the opportunity scholarship program, students receive potentially life changing scholarships to attend private schools that offer opportunities rarely seen by low-income students. we often speak of the states as laboratories of democracy, but in this instance it is the district of columbia that is providing an instructive example of the value of trying different approaches, studying them, and then replicating the solutions that work, not the solutions that benefit entrenched interests. that is why i am so pleased to see this legislation includes important reforms to the program to ensure it performs at the highest standards and is fully assessed for its effectiveness. it is my hope that these assessment standards will be
applied to many other programs at the department of education and across the federal government. parents have also expressed a higher education rate with their -- satisfaction rate with their children's school and reported they believe those schools are safer for their children. both parents and the communities support the opportunity scholarship program, with 74% supporting continuation of the program. it's hard to understand why the program is not -- it's not hard to understand why the program has that level of support when you consider that 90% of students participating in the program graduate compared to only 64% of the schools they left behind. mr. speaker, let me repeat that. 90% of students participating in the program graduate compared to only 64% of students in the schools they left behind.
how could our colleagues possibly oppose this opportunity for students in the district of columbia? and that 90% graduation rate is even better than the national rate of 82%. important to recognize this legislation has support. in march, 2016, a majority of the d.c. council and the mayor wrote, quote, these funds are critical to the gains of the public education system as seen in recent years, end quote. i commend the re-authorize age act and reserve the balance of my time. the speaker pro tempore: the gentlewoman reserves. the gentlewoman from new york is recognized. ms. slaughter: the colleagues i had requested time had not shown
up so i'm prepared to close, i guess. the speaker pro tempore: the gentlewoman reserves. the gentlewoman from north carolina. ms. foxx: this is not the first time congress and the public have debated a fiduciary rule conceived by the department of labor. the department first proposed a rule in 2010 but later forced to withdraw it due to significant bipartisan opposition. a wide array of stakeholders both saving for retirement and those providing assistance to savers raised legitimate concerns that the department would be limiting available advice in raising costs. unfortunately, the department chose to ignore the lessons and embarked again in 2015 on a misguided effort to create a new fiduciary rule. mr. speaker, it may be helpful to explain exactly why the department is promulgating rules
governing retirement advice whatsoever. under the provisions of the employee retirement income security act of 1974, also known erisa, federal law establishes ground rules for divine contribution pension plans which i.r.a.'s and other tax deferred savings vehicles. anyone who exercises authority over those plans or provides investment advice for a fee to those plans is considered a fiduciary and triggers certain regulatory restricks that govern their actions. since 1975, the department of labor has used a five-part test o determine when a dermer of investment advice is a fiduciary. the obama administration first proposed in 2010 and then again in 2015 to expand significantly the definition of fiduciary,
which would subject a significant number of new individuals and firms to fiduciary status and have a chilling effect on the willingness ofhem to provide advice whatsoever to those saving for retirement. on april 6, the department finalized its regulation which will significantly impact the ability of americans to receive advice on how to save for retirement and make it more difficult for businesses, in particular, small businesses, to establish retirement plans. at a time when americans want to significantly more for retirement, the department of labor wants to make it cost prohibitive to offer advisor services to low and middle income americans by increasing compliance costs and the risk of litigation. many of the department's compliance requirements will be counterproductive while they
will be forced to review and sign a number of government on mandated documents instead of focusing on the best options for their retirement savings. there are issues related to specific savings vehicles for retirement such as variable and fixed index anutes which must comply. there are class action lawsuits under state law that could prevent good actors in the industry by taking additional clients. beyond the impact on individuals saving for retirements and those assisting them, the fiduciary rule will have a negative impact on the businesses that attempt to offer pension plans that benefit their employees. the rule holds large and small businesses to different standards with negative implications for those most in need of assistance, which are small businesses with less than $50 million in assets in their
retirement plan. as with so many other provisions of the fiduciary rule that will raise costs and reduce the choices available to small businesses, these concerns have been echoed by the national federation of independent businesses and u.s. chamber of commerce. even the small business administration office of advocacy submitted a comment letter stating that quote, the proposed rule would increase the costs and burdens associated with serving smaller plans and limit financial advisers to offer investment advice to clients. closed quote. in order to stop the department of labor's misguided efforts, several have introduced the congressional review act resolution to disapprove of the fiduciary resolution. the congressional review act provides a special process for consideration of joint resolutions disapproving of a regulation. should a resolution such as the one we will consider today be
enacted into lieu, it will prevent the rule from taking effect or being re-issued. if a fiduciary rule comes into effect, millions of americans and the businesses employing them will be provided with fewer investment opportunities and higher costs limiting their return on investments and the amount one day they are able to retire with. that's why i co-sponsored h.j.res. 88 to disapprove of this harmful rule and enable americans to work with the adviser of their choice and save for retirement in a prudent and cost effective way. with that, mr. speaker. i reserve. the speaker pro tempore: the gentlewoman reserves. the gentlewoman from new york is recognized. ms. slaughter: thank you, mr. speaker. mr. speaker, hardworking americans deserve sound advice about how to save for retirement, not conflicted guidance. the department of labor's
fiduciary rule is thoughtful planning and research because the $17 billion a year is lost to this industry. i urge my colleagues to support the rule by voting no on this rule that we have before us. bring up a bill that would provide desperately needed funding to combat the zika virus. we can't put off when the zika virus is going to arrive. it shows up and the devastation it produces is well known and we must not in the congress of the united states turn our back on this impending problem facing the united states' -- and i heard this summer they are expecting a lot of the infection to spread. the administration requested this funding two months ago and
the -- i ask unanimous consent to insert the text of the amendment in the record along with extraneous material prior to the vote. i urge my colleagues to vote no and vote no on the rule and i reserve. the speaker pro tempore: the lady reserves. the lady from north carolina is recognized. ms. foxx: i would like to say a few additional things on the benefit of the soar re-authorization act. d.c. public school students had the lower test scores in the nation. d.c. schools have improved since then but d.c. public school students continue to test well below national averages. d.c. o.s.p. students are seeing improved achievement in reading
and graduation rates. in addition, the d.c. opportunity scholarship program dose not take money away from the d.c. public or charter schools nor does it reallocate education money. it directs additional federal resources in the d.c. education system that would not otherwise be available. there are thousands of families on charter school waiting lists who aren't able to access the school. o.s.p. allows children to get into high quality or district schools who would not otherwise have atlantatives niffs. i reserve. the speaker pro tempore: the gentlewoman reserves. the gentlewoman from new york is ecognized. ms. slaughter: i reserve until after my colleague closes. ms. foxx: mr. speaker, i believe
we are prepared to close, but i believe my colleague would need to close first. the speaker pro tempore: the gentlewoman from new york is recognized. ms. slaughter: thank you, mr. speaker. i want to spend a few minutes on talking about what has been going on in this congress. not three, four weeks ago, rules committee passed out to the house of representatives three measures, one was to stop all class action lawsuits, one was to damage the clean water act and the third one was no federal agency anymore be allowed to do regulations but by a group of people set up to do that. i use that illustration a lot because it shows what we are doing here in the house. anybody who is familiar with sheet music and that does go back a long time, playing the piano and say, you are ready and
you would continue playing. we have been waiting here for a long time for the singer to start singing. we have no budget and don't know -- the zika virus is bearing down on us, we have crumbling infrastructure that everybody is worried about. kids are still drinking lead in flint, michigan. almost every city and old cities in the northeast still have brick conduits and wood. cities that i represent have some very, very old pipes as well. schools in my district and i'm sure the rest of your districts is finding out there is lead in the water in their schools as well. we are going to mess around here with things that happen and when zika comes and we're not ready, i hope we would -- sitting in this room with people who could do something about it. and with that, i will yield back. thspeaker pro tempore: the
gentlewoman yields back. the gentlewoman from north carolina is recognized. ms. foxx: thank you, mr. speaker. we are considering crucial legislation today impacting two important issues. ensuring americans are able to save for retirement and enabling the education of our next generation. as any parent knows, the education of our children is one of our highest priorities. for far too long, children in washington d.c. have not received the education they deserve but suffered under unacceptable achievement levels in graduation rates. the soar re-authorization act which this rule provides for consideration of continues the successful three-sector approach to improving the lives and educational outcomes of low-income students in the district. it provides $60 million in funding for students split equally among d.c. schools, charter schools and scholarships
for students for private schools. students receiving private school education have demonstrated higher test scores and higher graduation rates. showcasing the importance of continuing students' access to these institutions. students participating in the opportunity scholarship program re-authorized in this legislation have graduated at a te of 90%, where the rest of schools 64% of schools graduate and the national graduation rate of 82%. these programs are an important example of the need for innovation and experimentation in how to best reform our educational system to benefit students, not entrenched interests. it has been an honor personally to witness some of the students who benefited from the programs included in the soar re-authorization act and after seeing the hope for the future
they have in their eyes, i cannot fathom preventing other students from receiving their own second chances. it has been my pleasure over the past several decades to join my husband in working with a number of financial advisers on how best to save for retirement and our other financial goals. those advisers have acted in the best interests of our family and provided useful advice that has enabled us to meet our goals. unfortunately, i do not believe everyone in washington believes financial advisers are well intentioned and skilled. private sector actors, not government employees, they are suspected by some being motivated by greed and taking any opportunity available to take clients' money for their own. that is a disturbing view point that has no place in reality. these advisers work with their friends and neighbors in their home communities.
the larger companies are brands that have been well established for decades and subject to significant regulation and public scrutiny from customers and the marketplace. if there were widespread fleecing for those saving for retirement, we would hear about it. the reality is that the vast majority of financial advisers large and small have been and will continue to act in their clients' best interests. there are laws and regulations in place to ensure bad actors are identified and punished and i support those enforcement efforts wholeheartedly. what i and other members cannot support is another effort by the department of labor villify an industry with real consequences for the ability of americans to save affordbly for retirement. we must strengthen our focus on stopping and punishing bad actors instead of increasing rules and regulations that hinder the countless good actors in this industry.
we have a retirement savings crisis in this nation, mr. speaker and it is vital that every american has access to high quality advice and an array of financial products available at a low cost. we can continue the fiduciary rule takes that right away and therefore i am pleased to have an opportunity 8, y to vote on h.res. disapproving the fiduciary rule. i believe this is necessary steps on issues of great import to our nation. this rule providing for the consideration for all of my colleagues for their support. i yield back the balance of my time and i move the previous question on the resolution. the speaker pro tempore: the question is on the -- ordering the previous question on the resolution. those in favor say aye. those opposed, no.
the ayes have it. the gentlelady from new york. ms. slaughter: mr. speaker, i ask for the yeas and nays. the speaker pro tempore: the yeas and nays are requested. all those in favor of taking this vote by the yeas and nays will rise. a sufficient number having arisen, the yeas and nays are ordered. members will record their votes by electronic device. pursuant to clause 8 and clause 9 of rule 20, this 15-minute vote on ordering the previous question will be followed by five-minute votes on adoption of house resolution 706, if ordered, and the motion to suspend the rules and pass h.r. 5019. this is a 15-minute vote. [captioning made possible by the national captioning institute, inc., in cooperation with the united states house of representatives. any use of the closed-captioned coverage of the house proceedings for political or commercial purposes is expressly prohibited by the u.s. house of representatives.]
the question is on adoption of the resolution. those in favor say aye. those opposed, no. the ayes have it. the gentlelady from new york. ms. slaughter: thank you, mr. speaker, i request the yeas and nays. the speaker pro tempore: the yeas and nays are requested. those favoring a vote by the yeas and nays will rise. a sufficient number having arisen, yeas and nays are ordered. members will record their votes by electronic device. this is a five-minute vote. [captioning made possible by the national captioning institute, inc., in cooperation with the united states house of representatives. any use of the closed-captioned coverage of the house proceedings for political or commercial purposes is expressly prohibited by the u.s. house of epresentatives.]
e spear ro tempore: on this vote thye are 234 -- the speaker pro tempore: on this vote the yeas are 234. the nays are 183. the resolution is adopted. without objection, the motion to reconsider is laid on the table. the unfinished business is the vote on the motion of the gentleman from new jersey, mr. garrett, to suspend the rules and pass h.r. 5019 on which the
yeas and nays are ordered. the clerk will report the of the bill. caller: h.r. 5019, a bill to direct the securities and exchange commission to provide a safe harbor related to certain investment fund research reports, and for other urposes. -- the clerk: h.r. 5019, a bill to direct the securities and exchange commission to provide a safe harbor related to certain investment fund research reports, and for other purposes. the speaker pro tempore: the question is will the house suspend the rules and pass the bill. members will record their votes by electronic device. this is a five-minute vote. [captioning made possible by the national captioning institute, inc., in cooperation with the united states house of representatives. any use of the closed-captioned coverage of the house proceedings for political or commercial purposes is expressly prohibited by the u.s. house of representatives.]
gentleman from tennessee seek recognition? mr. roe: thank you, mr. speaker. pursuant to house resolution 706, i call upon h.j. resolution 88 and i ask for its immediate consideration in the house. the speaker pro tempore: the clerk will report the title of the joint resolution. the clerk: union calendar number 407, house joint resolution 88, joint resolution disapproving the rule submitted by the department of labor relating to the definition of he term fiduciary. the speaker pro tempore: pursuant to house resolution 706, the joint resolution is considered as read. the joint resolution shall be debatable for one hour equally divided and controlled by the chair and ranking minority member of the committee on education and the work force. the gentleman from tennessee, mr. roe, and the gentleman from virginia, mr. scott, will each control 30 minutes. the chair recognizes the gentleman from tennessee. mr. roe: i thank the speaker. i ask unanimous consent that all members may have five legislative days to revise and and their remarks include extraneous material on
h.j. resolution 88. the speaker pro tempore: without objection, so ordered. the gentleman will suspend. the house will be in order. members will remove their conversations off the floor. the gentleman from tennessee is recognized. mr. roe: i thank you, mr. speaker. i rise today in strong support of h.j. resolution 88, and i yield myself such time as i may consume. the speaker pro tempore: the gentleman is recognized for as much time as he wishes to use. mr. roe: thank you, mr. speaker. i was proud to introduce this legs along with butte knee -- legislation along with representative boustany and wagner. today there are far too many men and women in this country who don't have a retirement security that they need and deserve. in 2015, the g.a.o. found that 29% of americans 55 years and
older have no retirement savings and no traditional pension. in fact, today, nearly 40 million working families haven't saved a dime for retirement. this is a serious problem, and we need to make it easier for families, particularly low-income and middle-income families to save for their retirement years. that means making sure that every american, regardless of income, is able to access the tools they need to plan for the future. it also means ensuring financial advisors act in their client's best -- clients' best interest. it also means ensuring financial advisors act in their clients' best interest, a priority we all share. since the department began its efforts more than five years ago, we made it clear that we believe retirement savers need greater protections. that's why we held numerous hearings, sent letters and engaged in other oversight activities to advance a responsible solution to help those saving for retirement.
and it's why our community -- our committee put forward a legislative alternative requiring high standards for retirement advice while also ensuring access and affordability. rather than engaging with members advancing a thoughtful alternative, however, the department opposed our bipartisan proposal outright. instead, the department of labor rushed a finalized misguided rule that will hurt the very people they intended to help. does anyone think that a 1,000-page rule that i hold in my hand will make it more likely for americans to save for retirement? in my left hand here i hold a webster's dictionary which defines every word in the english language and it only has a few more pages than this 100-page rule that defines one word, mr. speaker, fiduciary. the last thing washington should be doing is making it harder for working families to
save and invest, but because they took their my way or the highway approach, we now have a rule that will do exactly that. the fiduciary rule will make it harder for working families to save for retirement. it will restrict access to some of the most basic financial advice and it will create new hurdles for small businesses who want to offer their employees retirement options. these are consequences many ericans cannot afford, and there are consequences we will not accept. that's why this resolution is so important to put a stop to this fundamentally flawed rule and protect the men and women working to retire with the financial security and peace of mind they deserve. mr. speaker, i urge our colleagues to vote yes on h.j. resolution 88, and i reserve the balance of my time. the speaker pro tempore: the gentleman from tennessee reserves the balance of his time. the gentleman from virginia is recognized. mr. scott. scott thuman thank you, mr. speaker. i yield myself such time as i may consume -- mr. scott: thank you, mr. speaker. i yield myself such time as i may consume. the speaker pro tempore: the gentleman is recognized.
mr. scott: mr. speaker, i rise in opposition to h.j.res. 88. this congressional review act -- resolution of disapproval would undo the department of labor's final rule that simply ensures financial advisors act in the best interest of their clients with retirement funds. now, this is the department of labor rule that would only apply to workers' retirement funds. in times past, people would retire and received a defined benefit. they would retire and get their promised income, but now we have what are called defined contribution plans where the money is invested and over the years if someone, even a modest income person invests over -- over their -- over his 40-year career, he could easily amass a fund of hundreds of thousands of dollars, even $1 million if they start early and invest consistently. and so we're talking about people who may not have bought a single share or stock or bond
or mutual fund in his life who walks into an investmented a vyor's office with all of his -- investment advisor's office with all of his savings that could amount to up to $1 million. for too long financial advisors exploited loopholes. right now, financial advicors can easily steer retirement clients -- advisors can easily steer retirement clients that yield the advisor a big commission but may not be in their client's best interest. this practice is providing what's called conflicted advice. eroding workers' retirement northwest -- nest eggs. they lose $17 billion a year as a result of receiving conflicting advice about their retirement savings. the department of labor
recognizes the magnitude of this problem and the department took action to protect workers' savings and have been working on this issue for six years. over the past year, they conducted hundreds of meetings and provided the american public and industry representatives with nearly six months to weigh in on a proposal to fix the problem. secretary perez and his colleagues listened to industry officials and stakeholders that the final proposal would reflect their input that the department received and that the department would get the rule right. i believe the department did just that. the final rule addresses the legitimate concerns raised by members of congress, industry and other stakeholders without compromising the main goal ensuring they receive investment advice that is in their best interest. he broad diverse stakeholders, aarp, afl-cio.
naacp have registered strong support for the rule. the support for the final rule is not limited to those who vocate for consumers and t.i.a.a. organ stanley have been positive and encouraging. other companies are reserving judgment on the rule until they better understand its full implications and that's understandable. but the republicans have not reserved judgment but rushed to judgment. the final rule is a responsible solution to a real problem. the rule will help workers enjoy a dignified retirement and this resolution would reject the rule. mr. speaker, this resolution should be rejected for what it is, an effort to perpetrate an unacceptable status quo that
allows some advisers to operate under a business model that puts their interests and their financial interests ahead of their clients' interests. we should protect workers' hard-earned retirement funds and reject this resolution. i reserve. the speaker pro tempore: the gentleman from virginia reserves his time. the chair recognizes the gentleman from tennessee. mr. roe: i yield two minutes to the distinguished gentleman, mr. boustany, from the ways and means committee. the speaker pro tempore: the gentleman is recognized. mr. boustany: planning for retirement can be difficult task. consumers have to choose from a complex web of plans and traditional i.r.a.'s, roth i.r.a. or 529 plans. and let's face it, the average american oftentimes has a difficult time understanding what these types of plans do, which is why it's necessary to have licensed professional retirement advisers and
financial advisers to help navigate the system. today, baby boomers are retiring at a rate of 10,000 a day. in 2014, 325 billion was withdrawn from 401 k plans in the united states for retirement purposes. this is a big deal. but the administration is proposing new rules that will make it so costly to use a retirement adviser, most low and medium-income families will be locked out. this is not right. the burdens imposed by the rule could result in fewer americans saving for retirement using private sector vicks such as i.r.a.'s. don't take it from me but from a licensed financial adviser from my hometown to said this to the department of labor. quote, this proposed legislation could force some investors into fee-based account arrangements which could be to their detriment. a one size fits all solution
would most certainly not be best for all, end quote. ultimately, this will stifle individual choice and empower government bureaucrats to make decisions on behalf of those saving instead of professional retirement advisers with the knowledge and qualifications to provide advice for their clients. how can a regulation that would disqualify 7 million i.r.a. holders and potentially reduce the number of i.r.a.'s opened annually between 300,000 and 400,000 be a good jd? policy makers should help americans prepare for retirement. and that's why i urge passage of this bill. the speaker pro tempore: the gentleman's time has expired. the gentleman from tennessee reserves his time and the gentleman from virginia is recognized. mr. scott: i yield four minutes to the ranking member of the financial services committee,
the gentlelady from california, ms. waters. the speaker pro tempore: the gentlelady from california is recognized for four minutes. ms. waters: mr. chairman, i rise today in strong opposition to the house joint resolution 88, which would invalidate the labor department's recently finalized fiduciary duty rule and threaten our seniors' retirement savings to the tune of $17 billion per year. the rule closes loopholes and gaps in our laws so that all financial advisers act in their clients' best interests when providing advice on retirement investments. this is an essential reform that will protect our seniors and ensure our retirees are financially secure. not only is this rule a commonsense update, but the labor department worked diligently to address all legitimate stock holder concerns. and secretary perez should be
commended for his exemplary leadership on this issue. the labor department spent countless hours reviewing comments, meeting with industry and other interested stakeholders in responding to lawmakers' concerns. that effort has resulted in a strong workable rule that takes into account different business models across the industry. for example, the final rule specifically allows firms to recommend products as long as they make certain disclosures and act in the clients' best interests. it streamlined those required disclose shurs to make it easier for firms to comply. it provides flexibility in the timing of a contract between client and adviser. and it establishes clear distinctions between what is considered education and advice. overall, the final rule is carefully crafted to protect
investors while creating a workable process for financial advisers. once more, the rule is supported by hundreds of stakeholders who represent the financial services industry, the public interests, civil rights, consumers, labor unions and many investment advisers who are already providing advice to savers under a fiduciary standard. and yet, my colleagues on the other side of the aisle are so intent on dismantling this crucial rule. this resolution is not their first attempt. h.r. 1090, which went through my committee and passed the house largely along party lines would have imposed unacceptable delays on the labor department's rulemaking effort. different measures were considered in other committees that would have replaced the rule with an alternative. and riders were attempted on
appropriations bills to prevent the department from working on this rule all together. now republicans may have the votes to pass the disapproval resolution on a simple majority, but the president will veto this bill. and democrats will stand strong to ensure that they cannot override that veto. we will ensure that the laws protecting our seniors' savings are as robust as possible in a fair market. we will ensure that hardworking americans can trust their financial advisers and make sound investments. and we will ensure that everyone has a right to retire with dignity and security. mr. chairman, i yield back the balance of my time. the speaker pro tempore: the gentlelady yields back. the gentleman from virginia reserves. the gentleman from tennessee is recognized. mr. roe: thank you, mr. speaker. i want to put one thing to rest,
this $17 billion, what they have done with this formula is take this in retirement savings and assumed if you used any other adviser other than the fiduciary. it has been refuted by numerous people, i would like to yield three minutes to the distinguished gentlelady from missouri, representative wagner. the speaker pro tempore: the gentlelady is recognized. mrs. wagner: i thank the chairman and for yielding me the time. i rise today in support of a resolution to stop the department of labor from attacking american savings. mr. speaker, investing in the future and saving for retirement can be some of the most personal and consequential decisions that families make. with three children to raise, my husband and i worked tirelessly to put food on the table each day while squeezing what we
could into a retirement account. for those families today living paycheck to pay them check, we must provide more opportunities to save for the future, not limit them. mr. speaker, is -- this is about main street, not wall street. the d.o.l.'s fiduciary rule is simply obamacare for retirement savings. it is clear that this top-down -washington-knows-best power grab. low and middle-income families are looking for advice. today, 45% of working-age families do not have any retirement savings. nearly half of our work force is not saving for retirement. for those who are saving, the average retirement balance is only $3,000 for working age
families and $12,000 for families nearing retirement. every american should have access to sound investment advice but the department of labor is increasing costs for advice and putting low and middle-income hardworking families at a severe disadvantage. congress must act to stop this intrusion on americans seeking to do the right thing regarding their savings responsibility. rarely in washington do democrats and republicans find common ground on issues but with the d.o.l. forcing more than 1,000 pages of investment regulation on american families, we have joined together with bipartisan concern. mr. speaker, the choice is simple. either you stand with low and middle-income families saving for the future or you stand with yet another big government takeover by this administration.
the resolution that we will vote on today, mr. speaker, will stop this rule and give americans the freedom, the freedom to choose how they plan for the investments of their future. and i strongly encourage my colleagues to pass this resolution. mr. speaker, i thank you and i yield back my time. the speaker pro tempore: the gentlelady from missouri yields back her time. the gentleman from tennessee reserves and the gentleman from virginia is recognized. mr. scott: i yield four minutes to the ranking member of the ways and means committee, the gentleman from michigan, mr. levin. mr. levin: permission to revise and extend. the speaker pro tempore: without objection. and the gentleman from michigan is recognized for four minutes. mr. levin: thank you for yielding, the distinguished ranking member has worked so hard on this as well as others. this fiduciary rule has had a long, dedicated and deliberative journey. the administration first issued proposed regulations on this
issue in 2010. they received many comments from consumer and industry groups and they decided to redraft the proposal. that new proposal issued last year prompted more than 3,000 comment letters. the administration and the department of labor actively took these comments and anumerous consultations on all sides of this issue into account when they prepared the final draft of the rule. it's the way government should act. what the labor department rule does is to strengthen the trust between a financial adviser and their client. it says that a fiduciary or financial adviser must act in their clients' best interests. the republicans oppose this product guided by their ideological blinders. this rule is important because when the employment retirement
income security act, erisa was first passed in 1975, 401 k plans had not existed. oday more americans have 401 k plans and pension plans and must manage their own investments. so republicans today continue their claims this rule will make it more difficult for small businesses and low and middle-income americans to get financial advice because it will cost them more. the fact is conflicted investment advice cost americans billions of dollars a year. as the white house said, i quote, some firms have incentivized advisers to steer clients into products that have higher fees and lower returns costing american families an estimated $17 billions and it continues, again i