HR 757 - We have Lift Off!

First, let’s take a moment to celebrate this small, but significant victory. As you know by now, HR 757 – the “Equitable Treatment of Investors Act” — has been introduced for the 2011-2012 Congressional session by Congressman Garrett, the new Chair of the House Subcommittee on Capital Markets. This could not have happened without your help and our lobbyists’ tireless efforts. If you read the Congressman’s comments that were submitted with the bill (attached to Ilene’s prior post) I think you will be extremely impressed by the extent to which Congressman Garrett and his staff are behind the effort and grasp the enormity and complexity of the issues. The bill’s future is now very much in our – your – hands.

As with almost all legislation, bills that are introduced are seldom perfect, and the bill language is expected to go through significant changes to address weaknesses, issues, and additions prior to passage. Besides gaining cosponsors to the bill what NIAP is seeking now is input regarding issues seen in the bill, or questions you may have. It is not necessary at this point to offer specific language; that will be a natural outgrowth of the comments and concerns.

It is really important to route these questions through NIAP so we can be careful not to suggest dissension or lack of cohesiveness to the Subcommittee on Capital Markets – a problem that seriously damaged the earlier Ackerman legislation. NIAP has created a separate email address where you can voice your questions, comments, and concerns. Please also reference the the particular section of the bill. That email is:

What is essential now is to vigorously support this bill and to secure sponsors. Write your letters, have your family and friends write letters to their Congressional representatives requesting their support. You’ll find all the information you need on the NIAP website, including Congressman Garrett’s Press Release, the Introductory Comments noted herein, and the bill itself. There is also a link to the letter writing page where we have a number of templates, including one for friends and family – ( as well as the fax number where to send the copies of your letters so that we can forward them to the lobby firm.

Most critically, despite levels of anxiety some may have, let’s use the forums to communicate the importance of getting cosponsors of this bill. I know it can be tempting to voice concerns, but we request that the language used and concerns voiced on the forums not be such that they might undermine the energy and resolve that will be necessary to get this and future legislation that seeks to benefit Madoff victims.

Again, let’s take satisfaction in having come this far, thank Congresman Garrett’s office (You can send a ‘Thank You’ to Congressman Garrett on FaceBook by going to Facebook … put “Scott Garrett” into search box; it will come up under “Politicians,” then click “Like” at top, and this will enable you to add a thank you onto his wall beneath the post about the legislation. Please note that this is a PUBLIC site so if you have any concerns over anonymity, that probably won’t work.) or send ( via the email above) a hearty “Thank You” to the lobby firm, the Smith-Free Group.

In peace,

Ron Stein, Pres.
Network for Investor Action & Protection

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