Date: October 19, 2009
Subject: Oppose Amendment by Congressman Capuano
From: Tom Currey, NAIFA President

I bring to your attention a radical proposal to create another bureaucracy within the SEC that will establish a federal oversight board for “financial planners” and could result in consumers having less access to affordable financial products and services.

NAIFA is anticipating that Congressman Capuano will introduce an amendment to designate “financial planning” as a recognized profession subject to federal regulation. Needless to say, the industry is outraged about this proposal. For example, Robert B. Plybon, CLU(r), ChFC(r), Chairman of the Board of Trustees of The American College said: "This proposal is simply not in the best interest of the American consumer. The idea is ill conceived and has the potential to create duplicate regulation, increased consumer confusion and costs, and new limitations on the public's access to financial products and services."

It is critical that you contact your Member of Congress about this issue, especially because your Member is on the House Financial Services Committee where this amendment will be introduced. Click here and you will be brought to NAIFA’s auto-letter-writing center so you can send a message to your lawmaker. A sample letter has been provided for your convenience. (If you are not a registered representative, please feel free to re-word the sample letter to suit your circumstances.)  Please do not delay! This amendment may be introduced in less than 48 hours!  It will take only 2-3 minutes of your time to send a letter to your legislator . . . and it could make all the difference in the world.

Thank you so much for your membership and active participation in NAIFA.

Sincerely,

Thomas D. Currey, CLU, ChFC
Your NAIFA President

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