Today, Ways and Means Committee members voted 26-12 to pass the SAVERS Act of 2015 (H.R.4294), as amended. The bipartisan bill, introduced by Oversight Subcommittee Chairman Peter Roskam (R-IL) and Congressman Richard Neal (D-MA), the Ranking Member on the Tax Policy Subcommittee, will ensure all Americans receive better advice and more choice when saving for retirement.
During a markup of the legislation, committee members explained why Congress is taking action on this legislation now. Chairman Roskam said:
“the SAVERS Act represents a sensible, bipartisan solution to strengthen retirement savings and help American workers have the tools they need to plan for a secure financial future.”
Ways and Means members also spoke out against the Obama Department of Labor’s (DOL) proposed fiduciary rule that will make it harder and more expensive for Americans to save for retirement.
Chairman Roskam explained how the Obama rule would force Americans to break their personal relationships with their trusted financial advisors and instead rely on robo-advice and computer programs. He said:
“They wouldn’t be able to have that advice. What does DOL say? Go to a website. Go to a website to get your advice. None of us [are] in favor of that.”
Congressman Patrick Meehan (R-PA) pointed out how the rule will put many low and middle income Americans at a tremendous disadvantage. He said:
“What frustrates me is that it hurts the very people who need this advice the most – the unsophisticated investor. We are denying to so many people out there the opportunity to have this kind of advice. Which the rich get!”
And Congressman Pat Tiberi (R-OH) talked about how his constituents continue to express concern about the Administration’s proposed rule. He said:
“There is a ton of anxiety in America about this. This isn’t about companies. This is about middle class Americans – mom and dad trying to put some money away for retirement and to save for their kids. It is not about millionaires and billionaires.”
Ways and Means Chairman Kevin Brady (R-TX) concluded:
“It is as if the Administration intends for the rule to force Americans out of 401(k)s and IRAs and into the government plans for private sector workers promoted by the other Administration initiatives.”
To learn more about the SAVERS Act and today’s markup, click here.