Democratic representative Gregory Meeks, along with republican representative Tom Price, has introduced the Indexed Annuities and Insurance Products Classification Act of 2009, a bill intended to preserve state authority over indexed annuities.
H.R. 2733, which has been referred to the House Committee on Financial Services, would reverse Rule 151A, which classifies indexed annuities as securities and, therefore, makes them subject to regulatory oversight from the SEC and the Financial Industry Regulatory Authority, or FINRA.
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