7-20-17 Rokita Report

Jul 20, 2017 Issues: Economy and Jobs

Dear Fellow Hoosier,

Thank you for the opportunity to update you on the work of the 115th Congress.  I trust this finds you and your family well, as we work together to bring Hoosier common sense to Washington.

For daily updates, please take a moment to "Like" my Facebook page by clicking here  or follow me on Twitter if you prefer  @ToddRokita.


In this week's Rokita Report

  • Budget Committee Lays Out Balanced Spending Plan for U.S.
  • Celebrating Made In America
  • Kokomo Natural Disaster Roundtable
  • Protecting Affordable High Quality Investment Advice


Budget Committee Lays Out Balanced Spending Plan for U.S.

The future of our nation demands that the House Budget Committee, where I serve as Vice Chair, create a balanced budget.  Under President Obama, American families suffered and many felt like the American dream was gone.  By creating our balanced budget, Building A Better America, we can revive the American dream by stopping our country’s out-of-control spending and dangerous borrowing from China.

Building A Better America also addresses the real driver of our nation’s growing fiscal crisis: mandatory spending.  By cutting $203 billion over ten years, our country will focus limited resources on the most vulnerable while encouraging a culture of self-reliance instead of government dependence.

Ahead of the budget markup, the committee held a press conference to discuss the budget and how we are addressing the true drivers of national debt.

On Wednesday, the House Budget Committee voted to advance our budget with the unanimous support of our committee's Republican members.  Like Donald Trump and Mike Pence, we are offering a budget that meets the challenges of our nation's fiscal reality.  Both the House Budget Committee and the President's budget team are offering budget plans that balance and make tough decisions that lay out our priorities.  Our House budget balances within ten years, proposes reforms for economic growth, strengthens our national defense, returns power to the states, and increases federal accountability.

Celebrating Made in America

July is Made in America Month.  It is a chance for us to highlight and celebrate the goods we produce at home.  Made in America is a term we should be excited to see on our products.  We make some amazing things in the United States including quite a few in our backyard here in Indiana’s 4th district.

At home in Indiana, we are busy creating goods with our partners.  We make everything ranging from Subaru vehicles that are only manufactured in Indiana, to springs that are in cars and pens made by Myers Springs, to Gutwein Popcorn, and many other things.

Hoosiers make quality products and I am proud to advocate for policies that will help our small, medium, and large businesses.  Cutting bureaucratic red tape is one way I am working to do this.  Since coming to Congress, we have had 74 victories cutting red tape through my Red Tape Rollback program.  This program is how I am fighting to eliminate burdensome regulations and job killing policies for Hoosiers.


Kokomo Natural Disaster Roundtable

Yesterday, I hosted a special Natural Disaster Roundtable at Indiana University-Kokomo.  This community roundtable brought together local leaders and first responders to discuss best practices and available resources for natural disaster recovery.  The purpose of this roundtable was to help Hoosiers prepare each other as best as we can.  When disaster strikes, readiness is key.

As the Representative for Indiana's 4th Congressional District, I have seen Howard County face disaster in both 2013 and 2016.  Both times, the destruction was astounding, but so too was the resilience and organization of the community.  Community officials that led the response at the time were instrumental to helping Kokomo recover.  After seeing their work getting Kokomo back together, I wanted to give all of our local leaders the opportunity to share best practices.

I provided opening remarks in advance of the Natural Disaster Roundtable.  We had great attendance at the event.

Disaster relief comes from many government agencies and charitable organizations.  As a member of Congress, I have brought the needs of recovering Hoosier communities to the attention of federal agencies and advocated for the communities to receive assistance.  I am confident that yesterday's event will allow us to share best practices.  I look forward to sharing a summary of best practices with roundtable attendees and interested parties soon.


Protecting Affordable High Quality Investment Advice

This week, the House Education & the Workforce Committee acted to protect access to affordable retirement advice.  By a vote of 23 to 17, the committee advanced legislation that I cosponsored, H.R. 2823, the Affordable Retirement Advice for Savers Act.  The bill protects access to affordable retirement advice by overturning the Obama administration's fiduciary rule while requiring that investment advisors provide advice that serves the best interests of their clients.

The fiduciary rule severely limits how financial advisers can ask for compensation.  Under the rule, financial advisers need to collect flat fees for certain financial advice.  These fees can be prohibitive for new investors looking to start small and build a nest egg.  Instead of protecting investors, the fiduciary rule prices many Hoosiers out of sound financial advice. As Greg Boyer, an Indiana member of the National Association of Insurance and Financial Advisors recently told me, "the Fiduciary Rule discourages investment and planning for our future.  I realize that the intent of the  Fiduciary Rule was to help Americans but in reality, it will hurt Americans."  I look forward to bringing this bill to the floor to protect Hoosier access to great financial advice.


Thank you for your continued interest in Congress and for supporting my efforts to bring Hoosier common sense to Washington. Take care.  


Todd Rokita