Robert Hurt votes for House retirement security bill

Robert_HurtCongressman Robert Hurt (R-Virginia) released the following statement after voting in favor of the Retail Investor Protection Act, which would require the Department of Labor (DOL) to defer to the expertise of the Securities and Exchange Commission (SEC) rather than apply its own proposed fiduciary rule:

“The Department of Labor’s 1,000 page proposed rule will harm investors by diminishing their access to financial advice, reducing consumer choice, and increasing costs for folks looking to save for their retirement. This proposal will undoubtedly make it more difficult for hardworking Americans, especially folks who are starting to save or who have lower account balances to save for retirement, yet the DOL seems to be ignoring that urgent message expressed by both savers and financial advisors.

“In fact, the SEC, not the DOL, is designated by Congress to oversee and regulate the conduct of those who provide investment advice.  We should allow for the SEC to propose a course of action and debate it on its merits. This bill will require that the DOL defer to the SEC.  I am proud to support this bill and pleased to see it pass the House with bipartisan support today.  It is my hope that the Senate and the President will work with us to ensure that hardworking Americans will have the ability and freedom to properly plan for their futures.”

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Team of Destiny: Inside Virginia Basketball’s Run to the 2019 National Championship, by Jerry Ratcliffe and Chris Graham, is available for $25.


The book, with additional reporting by Zach Pereles, Scott Ratcliffe and Scott German, will take you from the aftermath of the stunning first-round loss to UMBC in 2018, and how coach Tony Bennett and his team used that loss as the source of strength, through to the ACC regular-season championship, the run to the Final Four, and the thrilling overtime win over Texas Tech to win the 2019 national title, the first in school history.
 
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