STOP SIPC FROM DENYING THE PROTECTION CONGRESS INTENDED!
SUPPORT H.R. 3482 - Restoring Main Street Investor Protection and Confidence Act
SIPC claims it was never the intent of Congress to protect innocent investors of a fraudulent SEC registered broker/dealer when it enacted the Securities Investor Protection Act (SIPA). This claim is made despite the fact it was created specifically to calm the fear of investor distrust in the industry. Securities investors were asked to give up holding paper stock certificates and instead, allow their broker/dealers to trade electronically. But this left them with no proof of what they owned. With the passage of SIPA, investors were told they could rely solely on their monthly statements, as long as they were issued by SEC regulated broker/dealers, and those statements would be the only proof they’d ever need that they owned the securities being held for them electronically. Stephen Harbeck, president and CEO of SIPC, testified at a House Committee hearing that SIPC was indeed investor protection except for market risk. The following statement was made by former President Richard M. Nixon as he signed the SIPA statute on December 30, 1970:
If your representative is already a co-sponsor (click here for complete list of cosponsors), please write to thank them, urge their continued support, and ask them to engage their colleagues. Click Here for an easy letter writing tool.
If your representative in NOT a current co-sponsor, please write asking for their sponsorship on H.R. 3482. Click here for letter to request sponsorship.
Lastly, please send an email to your friends and family, victims and non-victims alike, asking them to please join you in your efforts to pass H.R. 3482 by visiting www.fixsipcnow, signing the petition, and passing it along to their friends.
We have opportunity NOW to gain further momentum and get this bill thru the House!