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Wouldnt a level Playing Field as you said from your testimony, we have concerns about things like there is a some Data Retention obligations and we think you could do it differently. There is a best interest contract framework and weve heard feedback from folks saying it is clunky and there is a more streamlined way to do it. We have a point of sale disclosure requirement and people have said that that is not necessary. And so what weve done in every circumstance when someone said that the best interest contract is clunky, our response is tell us how to do it better. How do we retain that north star of enforceable best interest contract and still get it done and that is the feedback weve been getting and it has been helpful. And youve incorporated it. We havent made final decisions yesterday. We wont put out a rule until weve gotten all of the comments. Im confident if history ....
Sometimes they are not. Its already confusing to begin with. We need one standard and it ought to be the best interest. I love the one standard. I love the best interest tests. I assume there are a lot of people who are making a lot of money. So ive got to see, this one seems like a nobrainer to me. Hard working americans who manage money for their retirement should be able to trust that their retirement advisers are looking out for them. And besides that the thousands of honest hard working advisers and brokers around this country who already put their clients first every day shouldnt have to compete against those unethical advisers who dont. I understand why were in this fight. I understand there are people who are making money for keeping this game rigged, but we dont work for them. Time to level the playing field. Thank you mr. Secretary. Thank you mr. Chairman. I want to introduce senator kasich who will be brief within thinks five minutes and i think well have enough time to hear ....
We can get straight to their testimony. First, peter snyder, president of a grnlg company which i visited before. Thank you for being here peter. Peter is the leader of Financial Services providing income Retirement Savings options and insurance to millions of americans. Mr. Sflieder became president and served before that as the executive Vice President for primerica. We welcome you here today. Thank you. We have some scott purit managing contractor of defiance i. R. A. In maryland. He is a retirement director. A masters degree from harvard university. Welcome and thank you for being here. At this time, id like to turn it over to the rank and member frank and introduce ms. Miller. Thank you mr. Chairman. Its my pleasure to introduce Darlene Miller who is jo ....
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 ....
All that would have otherwise gone toward retirement in addition to any pension plan they had but isnt available any more. We know that workers are not saving enough for their retirement. We know, as youve outlined, there has been a real shift from defined benefit to defined contribution plans. And that shift puts more responsibilities on workers shoulders to manage risks and to manage the decisions. Oftentimes without having investment expertise. Youve actually covered a lot of trt that i hope to cover territory that i hope to cover in my questions with you. In particular, about how workers with smaller accounts, those who arguably need the retirement protection the most, will have access to high quality and affordable advice. So im going to move to something a little bit more specific given some of the proud traditions in my home state of wisconsin. We actually have a history of cooperatives and mutual ownership companies. So companies that are owned northwest mutual for instance. Fo ....