Rep. Hensarling Expects Rollback of Fiduciary Rule

The video discusses the implications of the DOL fiduciary rule, highlighting its impact on low and moderate-income savers. It covers the Financial Choice Act and efforts to repeal aspects of Dodd Frank, emphasizing collaboration with the Trump administration. The speaker addresses challenges in the Senate Banking Committee and the need for economic reforms to benefit working people.

What is the primary concern regarding the DOL fiduciary rule?

• It mandates higher fees for financial services.

• It reduces the number of available financial products.

• It increases taxes for high-income earners.

• It limits access to financial advisors for low and moderate-income savers.

What action is the Treasury Department expected to take regarding new financial regulations?

• Increase the number of financial regulations.

• Put a freeze on new financial regulations.

• Implement new regulations immediately.

• Remove all existing financial regulations.

What is the Financial Choice Act intended to address?

• Increase taxes on small businesses.

• Expand healthcare coverage.

• Introduce new environmental regulations.

• Repeal aspects of Dodd Frank.

What is the expected timeline for the Financial Choice Act's passage in the House?

• Immediately after the next election.

• Late spring or early summer.

• By the end of the year.

• Within the next two years.

What challenge does the Senate face in passing financial legislation?

• A 60 vote threshold on most matters.

• A lack of interest in financial reforms.

• Too many competing bills.

• A shortage of qualified staff.

Who is expected to be a key collaborator from the administration on financial regulatory matters?

• The Secretary of Education.

• The Secretary of Treasury.

• The Secretary of State.

• The Secretary of Defense.

What is a shared goal between the House and the Senate regarding the economy?

• To focus solely on international trade.

• To reduce the number of small businesses.

• To ensure economic opportunity for all.

• To increase Wall Street bailouts.