Dear Members, Fraud Victims and Investors –
Having come so close, and having worked so hard, it’s difficult to convey to our fellow Madoff victims and other investors that the markup of HR757 has been postponed. Simply put, it has “run out of time”. As we were heading closer and closer to the recess, we knew it was going to be tight. As we feared, after lengthy discussions it was decided Tuesday that the very limited time and an enormously congested calendar will make it nearly impossible to get this bill through the House in this session. The Congressman Garrett has expressed his sincerest regrets, and has committed to redouble his efforts to get this legislation passed as soon as possible in the next Congressional session which he feels will be more conducive to getting this bill through quickly. A statement will be shortly forthcoming from his office.
We — and you — have worked so hard for this. Despite our disappointment, we applaud Congressman Garrett and his dogged effort and join with him in his vow to work diligently in the future to pass this legislation. Having worked so closely with him and his terrific staff, there is no question in our minds about the sincerity of his commitment to help us.
We, too, should redouble our efforts to facilitate passage by strengthening our grassroots efforts to give us greater influence outside the Madoff-impacted Congressional districts, and building up the internal capacity to do so. For the sake not only of Madoff investors who have endured over 3 ½ years of misery over this debacle, but for the protection of every investor who might otherwise find themselves next to be defrauded, we must continue to work to make these desperately needed protections the law of the land.
On behalf of staff, volunteers and the organization, our sincerest thanks for your support and best wishes. It’s taken a long time, but we’ve already gone far. Ironically, this hiccup sets us up for a potentially smoother, more expeditious process. The next session is just a blink away. Let’s get busy. We can do this.
In Peace,
Ron Stein, CFP
