Wagner Remarks on Fiduciary Veto Override

Jun 22, 2016
Press Release

For Immediate Release

Contact: Meghan Burris | (202) 225-1621


Washington, D.C. – Today, Congresswoman Wagner (R-MO-02) released remarks she was unable to deliver due to House Democrats’ occupation of the Floor of the United States House of Representatives. The remarks were prepared in response to President Obama’s veto of a Joint Resolution to stop the Department of Labor’s fiduciary rule but were disrupted by Democrats refusing to allow the House to conduct its business.

In response to today’s House insurrection, Congresswoman Wagner said, “By refusing to debate, or even allow the House to conduct the people’s business, House Democrats have denied America’s average investors the opportunity to be heard. I hope that my colleagues will read these remarks and hear the voices of all the people they are harming.”


Floor Remarks, As Prepared:

“Mr. Speaker,


Today I rise to urge my colleagues to override the President’s veto of a bipartisan piece of legislation passed this Congress to protect low- and middle-income investors.


By overturning this veto, we are standing up for American families and protecting them from the Department of Labor’s ill-advised fiduciary rule.


I’d like to thank my colleagues, Congressman Roe and Congressman Boustany, for working with me to protect Americans’ freedom to choose how they invest in their future by introducing the Joint Resolution to stop this rule.


The Administration calls it the “fiduciary rule,” but it is really just Obamacare for Americans’ savings accounts, and another power grab by Washington bureaucrats to control our retirement savings.


You see, this rule will make financial advice more costly and less available to millions of middle-income workers and retirees. With a number of organizations already in court making their case why this rule is unworkable, it’s clear that jobs are on the line, and more importantly, families will lose access to sound professional financial advice.


Mr. Speaker, the United Kingdom implemented a similar “fiduciary rule” years ago and evidence shows that confusion, uncertainty, and fees have led financial advisors to drop nearly 300,000 customers. Additionally, research shows that approximately 60,000 people were denied initial advice from an advisor.


Today, more than ever before, Americans are worried about their future. They are struggling to save for their retirement, to put a child through college, to cover an unexpected medical expense, or to fix their broken air conditioning today, the hottest day of the year in St. Louis. And as difficult as that is today – Washington is going to make that even more challenging with this one thousand page regulation.


Simply put, we know these regulations do not work. We’ve seen them fail. We’ve seen them hurt those who can least afford it during this savings crisis.


Both Chambers of Congress, Republicans and Democrats, came together and recognized the harm this rule will have on those looking to save for retirement. But with his veto pen, the President chose to stand with Washington, rather than countless American families. 


Congress cannot stand by as this Administration does to America’s savings accounts what it has done to our health care system – raise costs and eliminate choices. We must protect the retirement security of all Americans. We must put families first.


Colleagues, I ask that you vote today to override this reckless veto that will negatively impact every single one of your constituents for years to come.


Thank you, Mr. Speaker, I yield back.”