further ado, let me introduce our keynote speaker, a champion i am sure of the proposed rule, jeffrey zients. mr. zients is director of the national economic council and assessment -- assistant to the president. after a long and successful career in the private sector, mr. zients was proposed as the first-ever chief financial officer in 2009. he has also served as the deputy director officer, as well as to terms as that offices -- office's director. let the throwdown begin. mr. zients, the stage is yours. jeffrey zients: thank you bill, for that kind introduction. and thanks for having me here today. it is good to be here at the bipartisan policy center. speaking of bipartisan, it was great to see a strong bipartisan vote in favor of trade promotion last week in the senate. we are pleased to see this important piece of business a step closer to getting done. middle class economics, the idea that the economy does best when it grows from the middle out has animated everything the president has done since he has been in office. this vision is underpinned by the basic premise of america -- if yo

with all due respect to director jeffrey zients why believe is quite sincere in his efforts on this proposal, i don't believe that, as a drafted the exemption is complex and confusing but it is certainly not streamlined. this is the material as the vast majority of iras and for that matter all retail accounts are held in commission brokerage account the investor routinely choose between commission based brokerage nt-based managed accounts. almost all of our members offer both. investors have overwhelmingly chose brokerage account including for iras. the best interest contract extension with subject firms advised to new legal liability that was discussed to some extent on top of the existing legal liability are explicitly limited investor choice of product in our view impose level these at the firm level and seeks to set market prices and require firms to develop and build unprecedented new disclosure and compliance regimes, some of which may well conflict with existing security laws. because of the increased liability risk and compliance cost for them to vindicate the safer course of action

jeffrey zites. he was appointed as the first ever chief performance officer of the united states in 2009. let the throwdown begin. mr. zients the stage is yours. >> thank you. it was great to see a strong bipartisan vote in favor of trade mo motion last week in the senate. we were pleased to see this closer to getting down. middle class economics, the idea the economy does best when it grows from the middle out has animated everything the president has done since he's been in this office. this vision is unpinned by the basic promise of america. if you work hard and play by the rules, you can get ahead. over the past six plus years the president has addresses twin challenges to that vision. increasing health care costs and reduced access. the good news is the data shows that under the president's leadership we've made real progress toward addressing these. 12.2 million jobs across 62 straight months. the highest rate in history. more than 16 million additional americans with health insurance and health care cost growth that is near its lowest level in 50 years. we're now the number one producer in the world of oil and natura