Political Quotes

“Madam Chair, I yield myself such time as I may consume. Madam Chair, closed-end funds are a popular tool for everyday investors who gain exposure to private markets in a safe, appropriately regulated way. Approximately 3 million Americans rely on these products to build wealth and save for retirement. Like other investment options available to Americans looking to save for retirement, send their kids to college, or plan for the future, closed-end funds must comply with the requirements of the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Company Act of 1940. To satisfy their regulatory obligations, closed-end funds must, among other things, register with the SEC, file annual and semiannual reports, and comply with stringent valuation and disclosure requirements. They are also subject to the broad antifraud provisions of the Federal securities laws, which provide additional protections to investors. Unfortunately, an SEC staff position prevents registered closed-end funds from investing more than 15 percent of their total assets in private funds. This arbitrary restriction is especially harmful to low- income and middle- class Americans who rely on appropriately regulated products like closed-end funds to access high-growth investment opportunities.…”