A companion bill to the recently-introduced Meeks-Price bill is receiving praise from fixed indexed annuity issuers.
The Coalition for Indexed Products released a statement Monday on the introduction of S. 1389, a Senate bill that, like the Meeks-Price bill, aims to reverse the Security and Exchange Commission's decision to reclassify most fixed index annuities as securities and place them under the SEC's jurisdiction.
The House bill, co-sponsored by Reps. Gregory W. Meeks, D-N.Y., and Tom Price, R-Ga., has been gaining momentum. And now that the newly introduced Senate bill (S. 1389) to overturn Rule 151A has been introduced, the initiative will most likely garner additional Congressional support in the coming weeks, says Jim Poolman, the Coalition's spokesperson.
