{"id":12380,"date":"2009-10-07T06:32:57","date_gmt":"2009-10-07T10:32:57","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=12380"},"modified":"2009-10-07T06:32:57","modified_gmt":"2009-10-07T10:32:57","slug":"congress-mulls-bills-on-investor-protection-hedge-funds-national-insurance-office","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/10\/2009\/congress-mulls-bills-on-investor-protection-hedge-funds-national-insurance-office.html","title":{"rendered":"Congress Mulls Bills on Investor Protection, Hedge Funds, National Insurance Office"},"content":{"rendered":"<p><span>Investment Advisor &#8211; Taking further steps toward financial services regulatory reform, the House Financial Services Committee held a hearing October 6 to discuss three legislative discussion drafts put forth by Rep. Paul Kanjorski (D-Pennsylvania) on investor protection, registration of advisors to private funds, and creating a national office of insurance. <\/span><\/p>\n<p><span>Kanjorski, ranking member on the Committee and chairman of the committee\u2019s subcommittee on capital markets, said during his opening statement that his three bills \u201cwork to reverse\u201d the trend of excessive deregulation that has existed and caused the financial crisis \u201cby closing loopholes and fixing problems in our broken regulatory structure, especially in our securities and insurance markets.\u201d As Congress works through these drafts and other pieces of financial services reform, Kanjorski said, \u201cWe should listen to common-sense ideas and seek out consensus where it exists. I am therefore open to making changes to these draft bills.\u201d However, he said, \u201cWe must ensure that special interests do not weaken particular solutions to the point of becoming toothless.\u201d<\/span><\/p>\n<div id=\"bodyAd\"><script src=\"http:\/\/oascentral.nationalunderwriter.com\/RealMedia\/ads\/adstream_jx.ads\/www.investmentadvisor.com\/compliance\/News\/2009\/10\/Pages\/Congress-Mulls-Bills-on-Investor-Protection-Hedge-Funds-National-Insurance-Office.aspx\/112009107629@%21\" type=\"text\/javascript\"><\/script><noscript><\/noscript><\/div>\n<p><span>The first draft bill, the Investor Protection Act, would expand the SEC\u2019s powers and require broker\/dealers to adhere to the same fiduciary standard of care as advisors; would increase the SEC\u2019s ability to reward whistleblowers whose tips lead to successful enforcement actions; would allow the Commission to adopt rules to bar the inclusion of mandatory arbitration clauses in securities contracts; would expand on the proposals put forth by the Administration by closing loopholes identified by the Madoff and Stanford Financial frauds; and would double the Commission\u2019s funding over the next five years.<\/span><\/p>\n<p><span><a title=\"Read Complete Article\" href=\"http:\/\/www.investmentadvisor.com\/News\/2009\/10\/Pages\/Congress-Mulls-Bills-on-Investor-Protection-Hedge-Funds-National-Insurance-Office.aspx\" target=\"_blank\"><strong>Read Complete Article<\/strong><\/a><br \/>\n<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Investment Advisor &#8211; Taking further steps toward financial services regulatory reform, the House Financial Services Committee held a hearing October 6 to discuss three legislative discussion drafts put forth by Rep. Paul Kanjorski (D-Pennsylvania) on investor protection, registration of advisors [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[31,15926,2961,15927,9809,9255],"class_list":["post-12380","post","type-post","status-publish","format-standard","hentry","category-syndicated","tag-broker-dealers","tag-congress-works","tag-financial-services-committee","tag-insurance-markets","tag-private-funds","tag-regulatory-reform"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/12380","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=12380"}],"version-history":[{"count":1,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/12380\/revisions"}],"predecessor-version":[{"id":12381,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/12380\/revisions\/12381"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=12380"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=12380"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=12380"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}