- Garrett & Maloney to introduce legislation in House. Senator Vitter current lead sponsor in Senate
- House hearings set for 11/21
- Selective grassroots to commence
- 5th Anniversary media needs victims willing to be interviewed by media
Greetings. I am excited to announce that SIPC legislation is to be introduced later this week or early next followed by Congressional hearings on Thursday, Nov 21. The legislation is to be jointly introduced by Congressman Garrett (NJ) and Congresswoman Carolyn Maloney (NY). Similar legislation is expected to be introduced shortly in the Senate as well, consistent with the strategy laid out by Congressman Garrett in the last Congress.
The intention is to have the legislation introduced by approximately 15 co-sponsors, and followed by an extensive outreach effort via Garrett’s and Maloney’s offices, our lobby team and our own grassroots efforts to ramp up sponsorship numbers.
The specific bill language is still going through final stages, and a bill number and title will be finalized shortly. We will make the bill public as soon as we receive the final version. As you probably know, it prevents clawback of the innocent, insures SIPC payments to $500,000 based on account statements, and gives the SEC authority over SIPC.
After hearings, the bill will be moved to a mark-up session in the House Subcommittee on Capital Markets, voted on and moved to the Financial Services Committee.
Next Steps on Grassroots. We will want to focus our House grassroots efforts on key Financial Services Committee members, as well as other influential House members, particularly those in districts or states with sizeable Madoff and Stanford victim constituents. Our Senate strategy will focus on Senate members on the Senate Banking Committee and other key Senate members.
The first wave of Grassroots letters and communications however will go out to those who are sponsoring the legislation at introduction, thanking them for their support and encouraging their reaching out to their colleagues to do the same.
Stay Tuned! In the coming days we will be providing more detailed information, as well as laying out the details for the grassroots outreach. We will also undertake a rapid fundraising campaign to assist costs of Congressional hearings and grassroots support.
We look forward to working with all previous and current leaders in this effort as well.
Ron Stein, CFP
For a full and open debate on the Stanford Receivership visit the Stanford International Victims Group - SIVG official forum http://sivg.org.ag/