Grassley, Harkin retained Iowa control
September 27, 2010 by Mike Weston
We are bombarded with stories of politicians who would rather argue and fight than get anything accomplished. Here is one where the cooperation of Sens. Chuck Grassley and Tom Harkin created a win for Iowa.
Iowa employs thousands in the financial services industry. Recently, the Securities and Exchange Commission proposed regulations that would have greatly hampered agents and companies in the sale of certain annuities. These financial products were safely sold all over the country by Iowa companies and to Iowans by agents within our state. These products have been well regulated by the state of Iowa for years. The new federal regulations would have wrest effective control from the states and imposed an expensive layer of unnecessary federal supervision on Iowans in this industry.
But Grassley and Harkin reached across the aisle and successfully stripped the proposed SEC regulations out of the recently passed financial reform bill and left the regulation of Iowans to Iowans. Their cooperative efforts to keep Iowa in the leadership of the financial services industry is not only a benefit to Iowans but also those who purchase these products around the country.
Mike Weston
Lederer Weston Craig, P.L.C.
Cedar Rapids
