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House Gets One Step Closer to Providing Relief for Low & Middle Income Americans

Oct 12, 2017
Press Release

WASHINGTON – Congresswoman Ann Wagner (R-MO) released the following statement following the House Financial Services Committee’s passage of the Protecting Advice For Small Savers (PASS) Act Of 2017 and the Risk-Based Credit Examination Act of 2017:

“Today, we moved one step closer to providing relief for low and middle income investors and savers. The PASS Act of 2017 will finally repeal the Department of Labor’s fiduciary rule and protect main street savers by creating a best interest standard for broker-dealers that benefits consumers and protects their access to affordable investment advice.

“In addition, the House Financial Services Committee passed H.R. 3911 with a bipartisan vote of 60-0. H.R. 3911, the Risk-Based Credit Examinations Act of 2017, would make the criteria required in annual reporting by National Recognized Statistical Rating Organizations just that, risk based.”

Key Organizations Supporting the PASS Act: U.S. Chamber of Commerce (COC), American Council of Life Insurers (ACLI), Financial Services Institute (FSI), Financial Services Roundtable (FSR), Insured Retirement Institute (IRI), Investment Company Institute (ICI), Securities Industry and Financial Markets Association (SIFMA), American Bankers Association (ABA), Independent Community Bankers of America (ICBA), National Association of Federally-Insured Credit Unions (NAFCU), Consumer Bankers Association (CBA)

Key Organizations Supporting the Risk-Based Credit Examinations Act of 2017: Credit Union National Association (CUNA), U.S. Chamber of Commerce (COC)