Press Release ● Congress
For Immediate Release: 
April 28, 2016
Contact Info: 

Mariel Saez 202-225-3130

WASHINGTON, DC – House Democratic Whip Steny H. Hoyer (MD) spoke at a press conference today with Secretary of Labor Tom Perez, Democratic Leader Nancy Pelosi, and House Democrats in support of the Department of Labor’s fiduciary rule. The House will vote on a Republican resolution disapproving the rule today. Below is a transcript of his remarks:

“You know I say that the difference between my party and the other party is that [Democrats] believe we are in this together and [Republicans] say ‘you are on your own.’ Here’s another example of… a bill that says, ‘you are on your own. We’re not going to protect and make sure that your best interests are uppermost in the minds of those whom you seek advice from.’

“We believe that we are in this together. We believe, as Secretary Perez has said, that we need to make sure that all of us are acting in the best interest of our people. And particularly financial institutions, because it is so critically important to the future, and to the security of our people that when they seek advice, they can be confident the people are acting on their best interest.

“I want to thank [Congressman] Richie Neal, who has worked very hard with Secretary Perez, with Members of Congress, with the financial sector to get this to a place where I have not heard from anybody opposed to this, except the Republicans. This is a perfect example of a group that is not willing to take yes for an answer.

“Secretary Perez has worked, he’s listened, and as [Congressman] Richie Neal is going to say, well you just said it, I presume you are going to stay pretty consistent, and every Member of the Caucus who got up, who was very involved in this – heard from consumers, heard from interest groups, heard from the financial sector community – got up in the Whip meeting today and said, this is a positive result for everybody. And this resolution ought to be rejected, hopefully unanimously by our side, but it ought to be rejected unanimously by their side and recommit to a proposition that we are in this together, and we are going to protect your interest, the people’s interest, the investor’s interest, the retiree’s interest, and yes, that millennial’s interest.

“So thank you very much Mr. Secretary. And now I want to turn it over to someone who has been a real giant in this process, success is partly his to claim, [Congressman] Richie Neal.”