Political Quotes

“Mr. Speaker, I yield myself such time as I may consume. Today I rise in support of H.R. 1366, the U.S. Territories Investor Protection Act, and I thank my friend and colleague from New York for her exceptional efforts in designing and bringing this bill to us today. H.R. 1366 repeals a provision in the Investment Company Act of 1940 that exempts investment companies in Puerto Rico, Guam, and other U.S. territories from registering with the Securities and Exchange Commission, the SEC, so that they have to play by the same rules as their mainland counterparts. When Congress first enacted the Investment Company Act in the 1940s, a nonregistration exemption for investment companies in the noncontiguous territories made a lot of sense as it was extremely expensive and difficult for the SEC to send staff to travel to these territories and inspect the local companies. In fact, Mr. Speaker, back in the 1940s, Eastern Air Lines bragged of their 6-hour-and-10-minute service between New York and San Juan one way for $1,700 in today's money. So, in fact, it was challenging to get to the territories. But with all the significant advances in technology and travel, these logistical barriers no longer exist. As such, this bill repeals this archaic exemption and provides a reasonable and safe harbor to allow those companies currently subject to the exemption to transition. Similar legislation passed the House in the last Congress by voice vote, and, earlier this year, H.R.…”