Rep. Wagner Statement on the Introduction of the Retail Investor Protection Act

Statement

"Earlier this week, President Barack Obama and Senator Elizabeth Warren (D-MA) presented a solution in search of a problem by proposing another massive rulemaking from Washington that will harm thousands of low and middle income Americans' ability to save and invest for their future. This top-down, Washington-centered rulemaking against financial advisors and broker dealers will harm the very middle income families that Senator Warren and President Obama claim to protect.

"In order to prevent Senator Warren and President Obama from harming middle income Americans, today I introduced the Retail Investor Protection Act (RIPA) in the United States House of Representatives. Americans should be given more freedom to seek sound financial advice without Senator Warren and President Obama's interference.

"Americans are tired of Washington's closed approach to growing their own personal economy and limiting their access. We need to open it up, provide Americans more choices, affordability and freedom to grow and save for the future. Unfortunately this kind of Washington-knows-best approach is typical of this President.

"Earlier this month, they proposed taxing 529 College Savings Plans, which regularly help middle income Americans save for their children's education and now the President and Senator Warren seek to restrict middle-income Americans' access to financial advice -- it's more of the same."

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