The Editor’s Inbox: Power grab was averted

September 30, 2010 by State Senator Merlin Bartz Grafton

The Editor’s Inbox: Power grab was averted

By State Sen. Merlin Bartz Grafton North Iowa Media Group | Posted: Thursday, September 30, 2010 12:46 am |

The general public might not know what fixed indexed annuities are, but they understand what local jobs are.

Had the U.S. Securities and Exchange Commission been allowed to regulate these fixed indexed annuities as it wished, the state’s financial services industry could have lost billions of dollars in revenue, leading to job losses here at home.

State insurance commissioners, like Iowa Insurance Commissioner Susan Voss, already regulate this type of financial product, which offers a minimum guaranteed interest rate.

Thanks to Sens. Chuck Grassley and Tom Harkin and Congressman Tom Latham for stopping this attempted power grab by the SEC.

Originally Posted at Mason City Globe Gazette on September 30, 2010 by State Senator Merlin Bartz Grafton.