What happens when you get 500 people in a room together who are anti-SEC Rule 151A, the legislation that would securitize fixed indexed annuities?
Well, hang on to your PDAs because we may all find out the answer to that question on Wed., March 17 when many of the industry’s movers and shakers are gathering in Washington, D.C. for a legislative “fly-in.”
According to an article on the National Underwriter Web site, “committed fly-in participants already have lined up meetings with many lawmakers’ offices.”
Last year, I was in D.C. to cover a similar “March on 151A“, where industry leaders barnstormed legislative offices, eventually getting results in the form of H.R. 2733, known as the Meeks-Price Bill. This House bill would clarify that fixed indexed annuities are not securities. According to National Underwriter, H.R. 2733 already has more than 70 co-sponsors.
On Wednesday, fly-in organizers are setting their sights on the Senate, where they are trying to win support for S. 1389, the companion bill to Meeks-Price.