8/2/10
Network for Investor Action and Protection Media Statement
Following is a press statement from Ron Stein, President of the Network for Investor Action and Protection, on the planned September House Financial Services Committee hearings to assess the limitations of the Securities Investor Protection Act:
“The Network for Investor Action and Protection strongly commends Congressmen Paul Kanjorski (D-PA) and Gary Ackerman (D-NY) for taking on the vital issue of the effectiveness of the Securities Investor Protection Act and for their continuing leadership in fighting for better investor protections. We hope that these hearings will lead to Congress taking action to better protect investors by modernizing the SIPA laws and reforming the Securities Investor Protection Corp.
“The Madoff and Stanford frauds, among many others, highlight this need for more effective regulation and investor protection, and we look forward to Congress overseeing longer term efforts to ensure that our investor protection regime lives up to the promise of the SIPA.
“In the near term, we hope that Congress will act expeditiously to enact H.R. 5032 offered by Congressmen Ackerman and King (R-NY) to ensure that those who lost their life’s savings in recent Ponzi schemes aren’t victimized a second time through clawback actions, and that all investors can be certain that their brokerage statements are an accurate reflection of their investments over the years.”
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