Political Quotes

“And rise today in support of H.R. 4279. This was a thoroughly negotiated bill, incorporating the views of affected funds and consumer and investor advocacy groups. My staff worked with Congressman Hollingsworth's staff up to the eleventh hour in committee, demonstrating the importance of bipartisan relationships in creating legislation. The ranking member's staff and the chairman's staff worked with us throughout this process, and I offered an amendment that we all agreed to. My amendment simply changed the approach the bill used to accomplish parity for closed-end investment funds with operating companies under the SEC's securities offering reforms of 2005. Moving this bill in regular order, we heard in a legislative hearing that there were reasons why parity might not mean identical treatment. This amendment would direct the SEC to propose, within 180 days, a rule that would allow closed-end funds that are listed or have periodic redemptions--interval funds--to be treated as well-known seasoned issuers, WKSIs. This rule will have to be finalized within a year, or else the bill will provide a statutory ability for these companies to qualify if they meet the other criteria currently applicable to operating companies. The SEC can act at any time thereafter to propose rules that would be controlling for closed-end funds covered by the bill.…”