Press Releases
Currently showing results related to Retirement and Pensions
Scott, Cummings, Waters on Trump Administration’s Decision to Temporarily Halt Repeated Attempts to Undermine Fiduciary Rule
05.23.17 WASHINGTON - Bobby Scott (VA-03), Reps. Elijah E. Cummings (MD-07), and Maxine Waters (CA-43), ranking members of the House Committees on Education and the Workforce, Oversight and Government Reform, and Financial Services, issued the following statement on today's announcement that the Department of Labor's (DOL) fiduciary rule will be initially implemented after the conclusion of the current 60-day delay. "For years, Democrats have championed this common sense rule because it simply ensures … Continue Reading
Committee Republicans Continue Efforts to Endanger Retiree Savings
05.18.17 WASHINGTON - TODAY, the Subcommittee on Health, Employment, Labor, and Pensions held a hearing entitled "Regulatory Barriers Facing Workers and Families Saving for Retirement." Subcommittee Democrats stand ready to work on meaningful bipartisan solutions to help Americans achieve a secure and dignified retirement. Unfortunately, Congressional Republicans and the Trump Administration's policies and priorities are the actual 'barriers facing working people and families saving for retirement' - no… 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 Denounces Senate Move to Weaken State Retirement Savings Programs
05.03.17 WASHINGTON - Committee on Education and the Workforce Ranking Member Bobby Scott (VA-03) released the following statement after the U.S. Senate passed (50-49) H.J.RES.66, a Congressional Review Act joint resolution to undercut state initiatives to establish retirement savings programs for private-sector workers. "Today, the Senate passed H.J.Res. 66, a joint resolution that nullifies a critical Department of Labor rule supporting states' efforts to expand workers' access to retirement savings p… Continue Reading
Scott, Waters, Cummings Denounce Trump Administration’s Delay of Conflict of Interest Rule
04.05.17 WASHINGTON, DC - 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… Continue Reading
40 House Dems to DOL: Don’t Delay Fiduciary Rule
03.17.17 WASHINGTON, DC - Today, Representatives Bobby Scott (D-VA), Ranking Member of the House Committee on Education and Workforce, Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, Elijah Cummings (D-MD), Ranking Member of the House Committee on Oversight and Government Reform, and 37 other Democratic Members of Congress sent a letter to Ed Hugler, Acting Secretary of the U.S. Department of Labor (DOL), expressing opposition to the DOL's proposed 60-day delay of its… 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 Andrew Puzder
02.15.17 WASHINGTON - Ranking Member Bobby Scott (VA-03) issued the following statement today after Andrew Puzder withdrew his nomination to serve as U.S. Secretary of Labor: "The Department of Labor has a responsibility to ensure our nation's working people earn a living wage, come home safe at the end of the day, and retire with dignity. Committee Democrats had serious concerns with Mr. Puzder's nomination from the beginning, which we raised in a letter to Senators Alexander and Murray. I hope that … 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
Slaughter, Scott Secure GAO Investigation to Help Protect the Benefits of American Workers
01.26.17 WASHINGTON, DC - Congresswoman Louise Slaughter (NY-25) and Congressman Bobby Scott (VA-03) announced today that the Government Accountability Office (GAO) has agreed to their request for an investigation examining how restructurings by large corporations impact American workers' pensions and health benefits. Over the last several decades, spinoffs, mergers, bankruptcies, and joint ventures have negatively impacted workers across the country, who have all too often lost their jobs and seen their… 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