We are turning up the heat in our fight to protect fixed indexed annuities, but we can't do it without you!
We have made great progress in the House -- all because of your hard work -- recruiting more than 70 co-sponsors. Now we need to make our voices heard just as loudly in the Senate. That is why we need everyone to come to Washington to help us make the push for our bills, HR 2733 and S 1389.
On March 16th, there will be a reception/rally and on March 17th, we will congregate on Capitol Hill.
Senator Ben Nelson (D-NE), together with Senators Saxby Chambliss (R-GA), Tom Harkin (D-IA), and Sam Brownback (R-KS), recently introduced Senate Bill 1389, the "Fixed Indexed Annuities and Insurance Products Classification Act of 2009." This important legislation clarifies that fixed indexed annuities are not securities, and thereby ensures these products will remain available to consumers at a time they are needed most. Today, the bill has over 15 co-sponsors in the Senate, and the companion bill, H.R. 2733, has almost 80 co-sponsors in the House.
The SEC's Rule 151A adds unnecessary and ineffective regulation that will harm tens of thousands of businesses. Instead of customers being able to choose from over 200 different products sold through the independent distribution represented by approximately 95,000 insurance agents, they will be limited to just a few product choices that broker-dealers decide to carry.
We need Congress's help to reverse this arbitrary and unnecessary action taken by the SEC. Rule 151A is a jobs killer. NAFA estimates another 140,000 jobs will be at risk if the Rule takes effect and with almost 10 percent current unemployment the country cannot and should not allow more Americans to lose their jobs.
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