Political Quotes

“The amendment that I was planning to offer tonight is related to the Securities and Exchange Commission's proposed rule 30e-3. If this rule, Mr. Chairman, is finalized in its current form, Wall Street mutual fund companies could take away the paper statements that are received from their Main Street investors by simply sending them a notice that their paper reports have been canceled. Investors would only regain those reports, Mr. Chairman, if they return a form opting back into paper. Now, this is particularly hurtful to the elderly, the poor, and those living in rural areas--all people who disproportionately lack broadband Internet access. Mr. Chairman, it is so easy to see how problems could occur with this current rule in its current form. Seniors could misunderstand the letter announcing their loss of paper reports and discard the letter, or an investor who sends in a request to continue to receive those paper statements, which could be lost in the mail. Mr. Chairman, my own parents, who are 86 and 88, struggle to even use a cell phone. How can we expect millions of our seniors across the country who live in rural areas with no Internet access to be able to log on to the Internet in order to receive critical mutual fund information? Mr. Chairman, if this rule 30e-3 is implemented in its current form, I believe and fear that millions of our fellow Americans will be left out in an information desert.…”