Congressional delegation protects jobs
October 25, 2010 by Brent Hoffman
Oct 14, 2009 | 11:10 am
SIOUX CITY – Kudos should go to members of Iowa’s congressional delegation for helping protect the state’s financial services industry and its jobs.
U.S. Sens. Chuck Grassley and Tom Harkin, as well as Congressman Steve King, should be praised for their help in getting a provision into the financial reform bill that keeps fixed indexed annuities under state regulation rather than federal.
Fixed indexed annuities offer guaranteed returns to investors. Returns rise if the stock or bond index they are linked to rises, one reason investors like them.
The U.S. Securities and Exchange Commission tried to regulate these products even though they already are regulated by states. Iowa in particular already has strong rules in place to protect consumers. We don’t need the federal government stepping in. – Brent Hoffman
