State securities regulators, advocates for retail investors and representatives of financial professionals on Monday urged key members of the House Financial Services Committee to not weaken the proposed Investor Protection Act (PDF).
The pleas came from North American Securities Administrators Association president Denise Voigt Crawford, the Consumer Federation of America, the Investment Adviser Association, Shareowners.org, the National Association of Personal Financial Advisors, the Certified Financial Planner Board of Standards and the Financial Planning Association. Crawford and the groups wrote to committee chairman Barney Frank (D-Mass) and ranking member Spencer Bachus (R-Ala), and capital markets subcommittee chairman Paul E Kanjorski (D-Penn) and ranking member Scott Garrett (R-NJ).
The letters addressed current and proposed amendments to the bill, which is scheduled for a Wednesday vote before being sent to the House. The writers said they support the bill, but warned that
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