Washington, DC - Congressman Robert Hurt (R-Virginia) spoke on the House Floor today in support of H.R. 2374, the Retail Investor Protection Act, which passed the House by a vote count of 254-166. The following is the text of Congressman Hurt's speech, and video is available below:
"Thank you Mr. Speaker, and thank you to the Chairman of this Committee and thanks to the sponsor for your leadership on this issue.
"Mr. Speaker, I rise in support of the Retail Investor Protection Act. Fifth District Virginians and Americans across the country are working hard to save for their futures â whether it be for their retirements or for college tuition for their children. Unfortunately, these hardworking Americans are being faced with the prospect of increased costs and fewer choices for the financial products that they currently rely on for their investments.
"Currently, the Department of Labor and the Securities and Exchange Commission have indicated they will move forward with rulemakings to make changes to their fiduciary standards that would decrease the availability of financial advice for retail investors and increase the cost of financial advice for retail investors. We must protect the ability of these Americans to choose the financial professional who best meets their investment needs, and this bill is an important step in that direction.
"The Retail Investor Protection Act ensures that retail investors, including many American families, are not affected by unnecessary regulations put in place without sufficient economic analysis or regulatory coordination.
"I urge my colleagues to join me in supporting this important bill so that Washington does not stand in the way of Americans' ability to seek the best financial advice for their needs."
[Click HERE or above to view the Floor Speech]