Other sister agency. Its a meritorious move. You said is, quote, good people operating in a flawed system. Would you explain that . Sure. There is a misalignment between the incentives that a person giving advice has and the best interest of the consumer. So, for instance, again, getting back to the tofels, if you have four or five different products under the current suitability rule that are suitable and product the first product, the variable annuity generates 26,000 a year in fees and another product, which would have a comparable return has a fraction of those fees, you have per verse incentive to steer them to the product that generates the most fees. And again, that is totally permissible so im not casting aspersions on the person that does it. Im saying thats not right. And we can device a system and i underscore what i said in my testimony, theres a substantial number of people, including one of the witnesses who will come up on the next panel, that operate under a fiduciary m
I think it seems to me we all have agreement that we need to fix it, even within the department. And professor light, you made a comment that i think is very important, something im concerned with. We could work real hard, have all of these intensive negotiations, Everything Else, but it doesnt seem like its that difficult to me. I think that the money were spending now we need to come up with a simple fix. Not a 100 dollar saddle on a 10 horse. For those involved in this, keep it simple and get it done quickly. We need to get the Inspector Generals back to the point where they can do their job, a very important job that theyve done very well for many years. Thank you, mr. Chair. Before i ask questions i know that senator leahy has questions in writing to both panels. Expect that, and maybe from the other members that arent here. Whats the normal time that we wait . Up to one week well take questions for answer in writing. Youve all had a chance to read the oic opinion and hear the tes
A group of industry stakeholders spoke and outlined recommendations for lawmakers. This is about two hours, 40 minutes. We will come to order. I recognize myself for five minutes. Opening statement. Todays hearing marks the health of subsidy public discussion on modernizing the Current System of the United States fda to review, approve and update. This hearing provides us in the American Public with the opportunity to better understand the fda regulatory frame work for overthecounter drugs and consider a proposal to reform the monograph system. I would like to commend all for their efforts in offering their insight to the committee. Theyve set a strong record of bipartisanship on Public Health issues such as 21st century cures, the fda reauthorization act and i hope to add to that record of success with todays hearing. Overthecounter drug products provide a wide variety of ailments. Pain relievers, eyedrops, cough drops as a firstline treatment option before going to see the dr. And ge
Stronger. President trump says fema i helping people recover. Two deaths in puerto rico with another 17 across the caribbean. The numbers are expected to rise. People on the island are pleading for help. A woman trapped by floodwaters filmed this video. Rescue crews used a cherry picker to save this elderly couple. Power is out for weeks if not months. Fuel difficult to find, and Cell Phone Service unrepible. Everybody has unreliable. Everybody has felt the anxiety of not speaking to loved ones. A steady wave of relief flights is expected to start today in san juan to help 3. 5 Million People recover from the storm of their lives. At home, people are stepping up to help Hurricane Maria victims. Matt delucia from the ben franklin parkway. Organizers of the puerto rican day parade are turning the event into a federal funds raiundrai. Reporter thats right, the puerto rican parade will happen on sunday, but this year it will have more of a somber tone. With a large puerto rican population
Number of Hillary Clinton e mails being investigate when he testified last week before congress. In his testimony comey said hundreds of thousands of e mails with classified date tad been deliberately sent from clintons assistant uma aberdeen to her husbands computer. Sources say the number of e mails were far fear than what comey had described. Comey was also investigating potential ties between the Trump Campaign and russia. The president wrote, while i greatly appreciate you informing me on three separate occasions that i am not under investigation i nevertheless concur with the department of justice that you are not able to effectively lead the bureau. He went on to say it is essential that we find new leadership for the fbi that restores public trust and confidence in its vital mission. Coming up we are going to sit down with Professor James taylor to talk more about this big story, the firing of the fbi director. Now to the south bay and an emotional day for the family of sierra