Impose a new set of regulations under the employment Retirement Income security act or erisa on a greatly expanded number of people. Under current law, brokers and dealers that provide services to retirement plans are already heavily regulated. They are not, however, automatically consider labor law fiduciaries and therefore they are not subject to the increased liability provided under erisa. Instead, these Service Providers are subject to regulations issued by the securities and Exchange Commission to protect investors from fraud and ensure transparency. Under the new d. O. L. Rule, virtually any broker that provides Investment Advice of any kind to individuals regarding their individual retirement accounts or iras will be considered a pension plan fiduciary subject to Higher Standards and greater liability. As my colleagues have aptly noted, this rule will reduce the availability of Investment Advice for retirees and make the advice that is available more expensive which will have a disproportionate negative effect on low and middleincome retirees. Higher costs mean more expenses for Small Businesses trying to sponsor retirement plans for their employees. A 2014 study found that as a result of these rules, many affected retirees which, once again, are predominantly middle class or lowincome retirees, will see their lifetime Retirement Savings drop by between 20 and 40 , which will translate into a reduction of between 20 billion and 32 billion in systemwide Retirement Savings every year. D. O. L. s own analysis indicates that the rule will have a compliance cost. Thats dead weight lost to the system of between 2. 4 billion and 5. 7 billion over the first ten years, virtually all of which will be passed on to american retirees. And i think it should go without saying that if anyone has an interest in understanding the cost of the d. O. L. s regulations, its the d. O. L. Itself. All of these problems and they are real problems with the d. O. L. s fiduciary rule are within the substance of the rule itself. I want to take just a few minutes, however, to talk about the process by which the rule came into existence because it is no less problematic. This regulation is an attempt to rewriter reus is aprohibit rewrite erisa prohibited transactions for iras that have been in place since 1975. However the prohibited transaction rules for iras are codified in the Internal Revenue code which, generally speaking, would give treasury regulatory jurisdiction over the matter. That was the understanding in 1975 when the current regulations were first established. However, in 1978, an executive order transferred some of the treasurys jurisdiction over prohibited transaction rules. Rules generally directed at preventing selfdealing and conflicts of interest to the department of labor. In other words, the rule that d. O. L. Has rewritten with this new fiduciary regulation predated the departments grant of jurisdiction. And while this might be a little arcane and in the weeds, this distinction is important given the reported disputes between agencies on this rule. Indeed, according to a report released by the Senate Committee on Homeland Security and government affairs, career officials at the s. E. C. And treasury have expressed concern over d. O. L. s course of action with regard to this rule. They also offered suggestions for improvements, most of which were disregarded by d. O. L. In favor of a quicker resolution to the rulemaking process. And not surprisingly, this report found that political appointees at the white house played an outsized role in the rulemaking process. Given these procedural concerns, not to mention the substantive conditions with the rule itself, i think we should revisit why d. O. L. Is in this in the first place. They should be governed by the agencies responsible for overseeing the implementation of the tax code and not by officials outside of those agencies who far more often than not have agendas that are geared more towards business Pension Plans and not taxdeferred savings accounts set at the individual level. Toward that end i have drafted legislation that would restore treasurys Rule Making Authority in this area in order to ensure that the proper expertise is brought to bear on these issues and that future rules governing Financial Advice and marketing are at the very least crafted with the broader financial Regulatory Framework in mind. As it is, we have a rule that appears to be drafted by those who lack expertise about the Retail Investment industry in order to achieve a goal that is, to put it kindly, at odds with the purpose of that industry and the interest of the individual savers who rely on it in order to be 0 taeupb to obtain a secure retirement. I urge my colleagues to support the resolution before us as it is the best nearterm vehicle we have to putting the administration in check with regard to this rule. For the long term, im hoping we can have a reasonable discussion about d. O. L. s role in regulating iras to begin with. Ultimately if that discussion takes place, i think that more and more people will realize that the Labor Department should not be responsible for crafting what is essentially tax policy. I plan to vote yes on this resolution and i hope that all of my colleagues will do the same. With that, i suggest the absence of a quorum. The presiding officer the clerk will call the roll. Quorum call mr. Brown mr. President . The presiding officer the senator from ohio. Mr. Brown thank you, mr. President. I ask unanimous consent to dispense with the quorum call. The presiding officer without objection. Mr. Brown mr. President , april the department of labor, as senator hatch just mentioned, issued its final conflict of interest, its fiduciary rule putting in place a framework of meaningful protections for americans save for retirement. The rule helps families save for retirement at a time when fewer and fewer workers have traditional pensions. Today my republican colleagues are trying to block this rule. I join Ranking Member murray of the help committee and Ranking Member wyden of the finance committee on which the presiding officer and i both sit to recommend that you vote no on the joint resolution. Its important to remember why this rule is necessary. Since the enactment of erisa, the creation of 401 k plans and individual retirement accounts in the 1970s, theres been a dramatic shift from traditional Pension Plans run by employers thats where when you retire, a socalled defined benefit where you can count on a certain number of dollars for the rest of your life and perhaps for your spouse from traditional Pension Plans run by employers to defined Contribution Plans that workers are left to manage themselves. Maximizing Retirement Savings, avoiding high fees and costs, all that is more critical than ever. But most American Workers need advice how to prepare for retirement and navigate these plans which can be both complicated and maybe more importantly, can be risky. The d. O. L. Rule, the Labor Departments rule, make sure brokers and advisors act in the best interest of their kufrplts and minimum customers and minimize conflict of interests. This doesnt mean diligent brokers and advisors have not been helping their customers but the rule creates structural protections to make sure that is always the case. Its that simple, customers come first. There is no alternative to that basic principle, whether youre visiting your doctor, your interest comes first, or going to a lawyer your interest comes first. Following the rule proposal in 2015, the d. O. L. Reviewed hundreds of comments, held days of hearings, issued a final rule with extensive changes that address a variety of concerns that many, many of us have heard. The major changes include extending the implementation period, simplifying Disclosure Requirements and clarifying the difference between education and advice. The full list of changes is much longer and resulted in significant improvement. Most of industry recognizes that and has said so. Banks and brokers are already working, thankfully already working on implementation. The department of labor is committed to helping companies figure out how to make the necessary changes and adapt to the rule. Industry and some in congress have called for the s. E. C. To issue its own fiduciary rule before the Labor Department. The wall street reform bill required the s. E. C. , the securities and Exchange Commission, to consider its own rule. I urge them to move forward as well, but theres no reason for the department of labor to wait for the sometimes too slow s. E. C. Congress gave retirement accounts taxfavored status and significant protections under erisa. The Labor Departments rules build on the statutory framework under erisa and now the fiduciary rule reflects the reality of the modern retirement landscape. Its time to move forward to help protect this generation and future generations of american savers. I urge my colleagues to vote no on the resolution so the implementation of this rule can continue to move forward to protect the interests of millions of hardworking americans who are saving for retirement. Mr. President , i note the absence of a quorum. The presiding officer the clerk will call the roll. Quorum call quorum call mrs. Murray mr. President . The presiding officer the senator from washington. Mrs. Murray mr. President , i ask unanimous consent the quorum call be lifted. The presiding officer without objection. Mrs. Murray i ask unanimous consent to speak as if in morning business. The presiding officer without objection. Mrs. Murray thank you, mr. President. Mr. President , last week the c. D. C. Announced it is monitoring nearly 300 pregnant women in the United States and territories for possible zika infections. That means nearly 300 families across our country are living through a true nightmare for expecting parents. They are waiting for news about whether their newborn will be safe and healthy. Unfortunately, with almost 1,400 cases of zika already reported, the number of expecting moms and dads in this awful position is only expected to grow. As a mother and a grandmother and a United States senator, i strongly believe it is our responsibility to act as quickly as possible for these families and the families who will unfortunately be impacted by the zika virus in the weeks and months ahead. Just to be clear, mosquito season has already started in some parts of our country. We do not have any time to waste. In fact, we should have been able to act much, much sooner. President obamas emergency funding proposal to support the zika response has been available for everyone to see since february. Like many of my colleagues, i was disappointed the Republican Leaders refused to even consider it and instead they came up with one excuse after another to delay, even though Public Health experts and researchers have made it very clear this is truly an urgent Public Health crisis. Some republicans said that zika wasnt something they were willing to give the administration a penny more for. Others said they would think about more money to fight zika but only in return for partisan spending cuts. And others spent more time thinking about how to get political cover than actually trying to address this problem. But many of us knew how important this was, and we didnt give up. So im very glad that after a lot of pressure from women and families and governors and scientists and after a lot of pushing republicans to get serious about dealing with this emergency, many of our republican colleagues in the Senate Finally joined us at the table last week to open up a path for an important step forward. And i appreciate the work of chairman blunt who joint me to get this done, as well as all the senators on both sides of the aisle who voted for it. While democrats didnt get the full amount wed hoped for in this compromise, im glad the senate was able to pass a 1. 1 billion down payment on the president s proposal as an emergency bill without offsets. Our agreement would accelerate the administrations work and it would allow money to start flowing to address this crisis even as we continue fighting for more as needed. And this agreement was support ped by every democrat and a little less than half of the republicans in the senate. So the senate has a strong bipartisan first step ready to go. Unfortunately, mr. President , House Republicans went in a very different direction. They released an underfunded partisan and, in my opinion, meanspirited bill that would provide only 622 million, less than a third of what is needed in this emergency without any funding for Preventive Health care or Family Planning or outreach even to those who are at risk of getting zika. And they are still insisting that funding for this Public Health emergency be fully offset, and the administration should somehow siphon money away from critical Ebola Response and other essential activities in order to fund zika efforts. House republicans clearly feel that this Public Health care crisis is an appropriate moment to somehow nickel and dime and that its a Good Opportunity to prioritize Heritage Action over women and families. But if you are one of nearly 300 mothers, the c. D. C. Is monitoring for likely zika infection or one of the almost 1,400 people infected so far, or one of the millions of expecting mothers nationwide, i bet youd like to know your government is doing everything it can now to tackle this virus. So im continuing to call on Senate Republicans to get our bipartisan zika agreement to the house as quickly as possible. Now Senate Republicans have already said theyd be willing to do this if we exchange it for Affordable Health care act cuts, and i think they should be just as willing to do it for the sake of women and families who are at risk. This agreement has strong bipartisan support. It can move through the house and it can get to the president to be signed into law, so our researchers and our scientists and those in the field can get to work. This Republicancontrolled Congress has already waited far too long to act on zika. We should not wait any longer. So, mr. President , i ask unanimous consent that when the Senate Receives from the house h. R. 5243 that all after the enacting clause be stricken, that the bluntmurray substitute amendment to provide 1. 1 billion in funding to enhance the federal response and preparedness with respect to the zika virus be agreed to, that there be up to one hour of debate equally divided between the two leaders or their designees, that upon the use or yielding back of time the bill as amended be read a third time and the senate vote on passage of the bill as amended with no intervening action or debate. The presiding officer is there objection . Mr. Cornyn mr. President . The presiding officer the Senate Majority whip. Mr. Cornyn mr. President , reserving the right to object, i wish our democratic colleagues would spend as much time working with us to try to solve problems as they do engaged in political theater and posturing. Now, senator murray, the senator from washington, has done good work working with the chairman of the appropriations subcommittee, senator blunt, in coming up with a piece of legislation that funds the zika response at 1. 1 billion. That legislation has already passed the United States senate. What remains to be done is the house and the senate need to come together in a Conference Committee, which is the typical way where differences in approach are reconciled to come up with a responsible piece of legislation. In the meantime, im glad the president has taken up our suggestion initially that until this can happen, that they reprogram money, 589 million, from the Ebola Response that had not yet been expended, and to transfer that to the zika response. Im confident that that money has not been spent yet, and plenty of its available to deal with it while congress does its business in an orderly sort of way. And i would just have to say to my friend from washington, my state is going to be directly in the cross hairs because this mosquito is not native to Washington State but it is to the warmer parts of our country texas, louisiana. And thank goodness no one so far has been, has gotten the zika virus from a mosquito as people who have traveled to south america or puerto rico or elsewhere and have come back to the United States. But we all agree on a bipartisan basis, this is a very serious matter and we cant waste time. But theres 589 million available to deal with it now. And secondly, were working, as we typically do with the house, to try to reconcile the differences and to do our work