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House, Senate Democratic Leaders to Trump Administration: No Evidence for 18-Month Delay of Critical Protections for Millions of Retirement Savers

09.15.17   (Washington, D.C.) - Today, Representatives Bobby Scott (D-VA), Ranking Member of the Education and the Workforce Committee, and Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, and Senators Patty Murray (D-WA), Ranking Member of the Senate Health, Education, Labor, and Pensions (HELP) Committee, Ron Wyden (D-OR), Ranking Member of the Senate Finance Committee, and Sherrod Brown (D-OH), Ranking Member of the Senate Banking, Housing, Urban Affairs Committee, sent a … Continue Reading


Scott to Foxx: Do Not Waive Committee Jurisdiction Over #WrongCHOICE Act

05.05.17   WASHINGTON - Earlier this week, Ranking Member Bobby Scott (VA-03) sent a letter to Chairwoman Virginia Foxx (NC -05) urging her not to agree to any requests to waive the Committee's jurisdiction over H.R. 10 the Financial CHOICE Act of 2017, legislation that would destroy the Department of Labor's fiduciary rule. "It has come to my attention that the House Committee on Financial Services is planning to begin the mark-up of H.R. 10 on May 2nd" Scott wrote. "The bill was referred to our Commi… Continue Reading


Scott to Foxx: Do Not Waive Committee Jurisdiction Over #WrongCHOICE Act

05.04.17   WASHINGTON - Earlier this week, Ranking Member Bobby Scott (VA-03) sent a letter to Chairwoman Virginia Foxx (NC -05) urging her not to agree to any requests to waive the Committee's jurisdiction over H.R. 10 the Financial CHOICE Act of 2017, legislation that would destroy the Department of Labor's fiduciary rule. "It has come to my attention that the House Committee on Financial Services is planning to begin the mark-up of H.R. 10 on May 2nd" Scott wrote. "The bill was referred to our Commi… Continue Reading


Scott, Waters, Cummings Denounce Trump Administration’s Delay of Conflict of Interest Rule

04.05.17   WASHINGTON - Today, Reps. Bobby Scott (VA-03), Maxine Waters (CA-43), and Elijah E. Cummings (MD-07), Ranking Members of the House Committees on Education and the Workforce, Financial Services, and Oversight and Government Reform, issued the following statement on the Trump Administration's delay of the conflict of interest rule: "It is unacceptable that now - days before the final conflict of interest rule is scheduled to begin - the Trump Administration is carelessly delaying the rule for an … Continue Reading


Scott Statement on Proposed Delay of Critical Retirement Savings Protection

03.01.17   WASHINGTON - Committee on Education and the Workforce Ranking Member Bobby Scott (VA-03) issued the following statement after the Department of Labor proposed a 60-day delay of the important "conflict of interest" rule, which would simply protect workers' hard-earned retirement savings and ensure that financial advisors act in the best interests of their retirement clients. "The Trump Administration's proposed delay of this important rule would continue an unacceptable status-quo that is erodin… Continue Reading


Scott Statement on Administration Efforts to Endanger Retiree Savings

02.03.17   WASHINGTON - Ranking Member Bobby Scott (VA-03) issued the following statement after the Trump Administration effectively halted the implementation of the final "conflicts of interest" rule that would protect workers' retirement savings and ensure they receive investment advice that's in their best interest. Currently, retirement investors and their families lose $17 billion annually as a result of receiving conflicted advice. "With today's announcement, President Trump is enabling some financi… Continue Reading


Scott, Warren Highlight GAO Study on 401k Annuity Options for America’s Workers

09.09.16   WASHINGTON - Today, Congressman Bobby Scott (D-VA) and Senator Elizabeth Warren (D-MA), released the findings of a new report by the Government Accountability Office (GAO) they co-requested on the challenges working Americans face in making their 401(k) savings last throughout retirement. ‎Specifically, GAO analyzed whether employers' 401(k) plans provided workers with appropriate options to annuitize their savings-of the plans GAO surveyed, very few of them offered such options. GAO made se… Continue Reading


Scott Statement on Republicans’ Multiemployer Pensions Plan Discussion Draft

09.09.16   WASHINGTON - Ranking Member Bobby Scott (VA-03) released the following statement after Chairman John Kline (MN-02) released a plan to authorize a new multiemployer pension system. "As we work through the rest of the 114th Congress, protecting and strengthening the pensions of America's workers and retirees remains a top priority. I appreciate Chairman Kline's continued interest in addressing the multiemployer pension crisis, and I look forward to a thorough review of the discussion draft legi… Continue Reading


Ranking Members Cummings, Waters, and Scott Criticize Lawsuit to Undermine Conflict of Interest Rule

06.02.16   WASHINGTON - Today, Reps. Elijah E. Cummings, Maxine Waters, and Bobby Scott, Ranking Members of the House Committees on Oversight and Government Reform, Financial Services, and Education and the Workforce, issued the following statement on news that the U.S. Chamber of Commerce, Securities Industry and Financial Markets Association, and other industry groups have filed a lawsuit to overturn the Department of Labor's conflict of interest rule: "Quite simply, the Department of Labor's new rule h… Continue Reading


Scott, Kline Joint Statement on Multiemployer Pensions

05.06.16   WASHINGTON - House Education and the Workforce Committee Ranking Member Robert C. "Bobby" Scott (VA-03) and Chairman John Kline (MN-02) issued the following joint statement after the Department of Treasury issued its decision regarding the Central States Pension Fund: "A pension crisis has been growing for decades, threatening the retirement security of millions of Americans. That's why Congress spent years working with labor leaders, retiree advocates, and employers on a set of bipartisan refo… Continue Reading


Scott Statement on Administration Efforts to Protect Retirees, Investments

04.06.16   WASHINGTON - Ranking Member Robert C. "Bobby" Scott (VA-03) issued the following statement after the U.S. Department of Labor (DOL) released the final "conflict of interest" rule to protect workers' retirement savings and ensure they receive investment advice that's in their best interest. "I strongly support the Department of Labor's 'conflict of interest' rule, which finally closes gaping loopholes in a critical retirement savings regulation that dates back to 1975. When workers seek out pe… Continue Reading


Scott Statement on President Obama’s 2017 Budget Proposal

02.09.16   WASHINGTON - Ranking Member Robert C. "Bobby" Scott (VA-03) released the following statement today in response to President Barack Obama's proposed budget for fiscal year 2017: "President Obama's FY 2017 budget makes the necessary investments that will continue our economic recovery by ensuring all of America's students, families and workers share in the gains we have made over the last seven years. "Building on the success of the Every Student Succeeds Act, the President's budget includ… Continue Reading


Scott Statement on FY16 Omnibus

12.18.15   WASHINGTON - Ranking Member Robert C. "Bobby" Scott (VA-03) issued the following statement on House passage of H.R. 2029, the Consolidated Appropriations Act for Fiscal Year 2016, which fully funds the federal government through September 30, 2016, provides a two year implementation delay of the excise tax on high-cost employer sponsored health insurance plans, makes important investments in students and does not hinder the Department of Labor's ability to enforce rules that protect workers. The… Continue Reading


Leading Democratic Lawmakers Throw Support behind Rule to Protect Retirees and Investors

07.22.15   WASHINGTON - Today, a broad and diverse group of House Democrats expressed their strong support for a rule proposed by the Department of Labor (DOL) that seeks to ensure those providing investment advice are actually working in the best interest of retirement savers. In a letter led by Reps. Maxine Waters (D-CA), Ranking Member of the Financial Services Committee and Bobby Scott (D-VA), Ranking Member of the Education and Workforce Committee, the lawmakers praised the DOL's efforts, led by … Continue Reading


HELP Subcommittee Addresses the DOL’s Proposed Conflicts of Interest Rule

06.17.15   WASHINGTON - Today, the Subcommittee on Health, Employment, Labor and Pensions (HELP) held a hearing on the "Restricting Access to Financial Advice: Evaluating the Costs and Consequences for Working Families and Retirees." The hearing addressed the U.S. Department of Labor's proposed standards to ensure retirement advisors act in the best interest of their clients when giving investment advice. "Families look to financial advisors and institutions for trusted advice, and should not need a fi… Continue Reading


Scott Commends the Department of Labor on Efforts to Strengthen Consumer Protections

04.15.15   Proposed rule takes aim at conflicted and bad retirement advice WASHINGTON - Congressman Robert C. "Bobby" Scott (D-VA), Ranking Member of the House Committee on Education and the Workforce, released the following statement after the Department of Labor released its Notice of Proposed Rulemaking that will provide new standards to ensure retirement advisors act in the best interest of their clients when giving investment advice: "Today, the Department of Labor took a much needed step to p… Continue Reading


Labor Secretary Perez Testifies Before House Committee

03.18.15   WASHINGTON - The Honorable Thomas E. Perez, the U.S. Secretary of Labor, appeared before the full Committee on Education and the Workforce today to testify on the Department's Fiscal Year 2016 budget. "The United States has emerged from the depths of the great recession, and job creation has resumed at a consistent pace," said Ranking Member Robert C. "Bobby" Scott (D-VA). "The choice before us now is whether we will choose to pursue prosperity economics or austerity economics. What will ne… Continue Reading


Scott Lauds President's New Proposal to Strengthen Retirement Security

02.23.15   WASHINGTON--Congressman Robert C. "Bobby" Scott (D-VA), Ranking Member of the House Committee on Education and the Workforce, released the following statement today after President Barack Obama announced that the Department of Labor will lay out new standards to ensure retirement advisors act in the best interest of their clients when giving investment advice: "Today's announcement by the President is another critical step toward improving every American family's retireme… Continue Reading


House Passes Bipartisan Multiemployer Pension Reform

12.11.14   WASHINGTON-After a bipartisan agreement to reform the multiemployer pension plan system and protect millions of workers from financial catastrophe was passed by the U.S. House of Representatives today, Committee on Education and the Workforce Chairman John Kline (R-Minn.) and Senior Democratic Member George Miller (D-Calif.) issued the following joint statement: "Tonight a bipartisan Congress put workers and businesses one step closer toward having the tools they need to come together and save … Continue Reading


Committee Leaders Issue Joint Statement in Response to PBGC Financial Report

06.30.14   WASHINGTON, D.C. - House Education and the Workforce Committee Chairman John Kline (R-MN), Education and the Workforce Committee Senior Democrat George Miller (D-CA), Health, Employment, Labor, and Pensions Subcommittee Chairman Phil Roe (R-TN) and Health, Employment, Labor, and Pensions Subcommittee Senior Democrat John Tierney (D-MA) issued the following joint statement after the Pension Benefit Guaranty Corporation (PBGC) released its latest financial projections report: The latest PBGC repo… Continue Reading

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