John Boehner - 8th District of Ohio

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Nov 19, 2009

Washington - Congressman John Boehner (R-West Chester) today blasted the decision by the Obama Administration to strip workers of their right to high-quality, independent investment advice. Boehner issued the following statement:

“It is outrageous that the Obama Administration would deny workers their right to high-quality investment advice that could help them restore valuable savings that have been lost because of this economic recession.  The American people are counting on both parties in Washington to work together on real solutions to help them rebuild their nest eggs, yet the Administration’s actions today would hurt millions of families struggling in this troubled economy.  That’s unacceptable.

“Republicans are committed to offering better solutions to help restore Americans’ savings and ensure that Washington does not stand in the way.  It’s time for Washington Democrats to end the policies that are destroying Americans’ savings and work with Republicans on better solutions to rebuild them.”

NOTE: Today the U.S. Department of Labor rescinded bipartisan investment advice reforms that were included in the Pension Protection Act, authored by Boehner and passed by Congress with bipartisan support in 2006.  The legislation represented the most sweeping overhaul to U.S. pension laws in more than 30 years.

In March, House Republicans unveiled the Savings Recovery Act (H.R. 2021) to help Americans protect and rebuild their hard-earned savings as quickly as possible while making sure the federal government does not hinder the process.  To date, the Democratic leadership in Congress has blocked this common-sense proposal, and instead advocated legislation that could drive up 401(k) costs and reduce American workers’ access to high-quality, professional investment advice.