Today, Congresswoman Ileana Ros-Lehtinen, a senior member of the Florida Congressional delegation, announced her support for H.R. 2374, the Retail Investor Protection Act. This act would require the Securities and Exchange Commission (SEC) to consider all alternatives before deciding on a regulation that would apply to broker-dealers and to determine whether those regulations mean less access to financial services and products for American families planning for their retirement or saving for college. This legislation would also prevent the Department of Labor from proposing any rules changing the definition of a fiduciary before the SEC completes its rulemaking process.
Statement by Ros-Lehtinen:
"We must take any regulation of our financial markets seriously and work toward a stable balance between a free and fair market and consumer protection. Deliberate steps, such as today's legislation, will empower consumers who may have been negatively affected by the constraints of the Dodd-Frank law. Our financial markets should be transparent and open to all who wish to participate responsibly and realize financial independence at any stage in life."