Congressman Garrett’s and Congresswoman Maloney’s letter to SIPC August 2013, and SIPC’s responses September 2013.
The link to our website page containing all the letters posted can be found by clicking [...]
|
||||
|
S.1725- Restoring Main Street Investor Protection and Confidence Act If you reside in Congressman Nunnelee’s district, please write to thank him for his support and ask him to engage his colleagues to join in supporting this important bill. Nearly five years after the collapse of Bernie Madoff’s Ponzi scheme, a bipartisan group of lawmakers is renewing a push to alter the way victims of such frauds are compensated, saying current methods are unfair and applied inconsistently. Reps. Scott Garrett (R., N.J.) and Carolyn Maloney (D., N.Y.), along with 23 co-sponsors, introduced legislation Thursday to require a brokerage insurance agency called the Securities Investor Protection Corp. to calculate victims’ claims based on account statements from failed firms. The changes, which also clarify which victims of Ponzi schemes are covered by SIPC, would likely increase the size of their claims. More in the Wall Street Journal [...] LEGISLATION TO BE INTRODUCED IN HOUSE NIAP is excited to announce that SIPC legislation is to be introduced later this week or early next followed by Congressional hearings on Thursday, Nov 21. The legislation is to be jointly introduced by Congressman Garrett (NJ) and Congresswoman Carolyn Maloney (NY). Similar legislation is expected to be introduced shortly in the Senate as well, consistent with the strategy laid out by Congressman Garrett in the last Congress. The intention is to have the legislation introduced by approximately 15 co-sponsors, and followed by an extensive outreach effort via Garrett’s and Maloney’s offices, our lobby team and our own grassroots efforts to ramp up sponsorship numbers. The specific bill language is still going through final stages, and a bill number and title will be finalized shortly. We will make the bill public as soon as we receive the final version. As you probably know, it prevents clawback of the innocent, insures SIPC payments to $500,000 based on account statements, and gives the SEC authority over SIPC. After hearings, the bill will be moved to a mark-up session in the House Subcommittee on Capital Markets, voted on and moved to the Financial Services Committee. Next Steps on Grassroots. We will want to focus our House grassroots efforts on key Financial Services Committee members, as well as other influential House members, particularly those in districts or states with sizeable Madoff and Stanford victim constituents. Our Senate strategy will focus on Senate members on the Senate Banking Committee and other key Senate members. The first wave of Grassroots letters and communications however will go out to those who are sponsoring the legislation at introduction, thanking them for their support and encouraging their reaching out to their colleagues to do the same. We look forward to working with all previous and current leaders in this effort as well. [...] The Investor Protection Alliance Although both organizations will continue to function independently on their own issues, the Investor Protection Alliance will focus intensively on passage of SIPC legislation. Please visit the new Investor Protection Alliance website: www.FIXSIPC.org Dear Fellow NIAP Member – After nearly four years of Madoff investors being frustrated at nearly every turn, I have two important and exciting announcements that should be of great interest in our battle to provide relief and enhance protections for investors who have been abandoned by our investor protection system. The Securities Investor Protection Corporation (SIPC), which covers brokerage customer account losses in the event of fraud or the firm’s collapse, is trying to be the white knight in recovering investor funds in the $60 billion Madoff ponzi scheme. Yesterday, SIPC announced “nearly $2.5 billion in checks were mailed to victims in the liquidation of Bernard Madoff Investment Securities LLC (BLMIS). “SIPC today applauded the hard work of Trustee Irving H. Picard and his attorneys in reaching that major milestone.” Read Forbes report [...] The Securities Investor Protection Corporation will continue to defend itself from the US Securities and Exchange Commission’s insistence that it provide financial guarantees for investors who bought offshore CDs issued by an Antiguan bank. The federal court previously rejected the SEC’s request, but the securities regulator is appealing that decision. Read In Audit report [...] In the same spirit as that which inspired those who signed our Declaration of Independence, I welcome attaching my name to the following proclamation in support of HR 757 for real investor protection. What makes the proclamation highlighted below so special? It is truly a grass roots effort. More on Business Insider here. [...] |
||||
|
Contact us by phone at (631) 425-0770, fax at (631) 421-5701 or by email at admin@investoraction.org
|
||||