Rep. Poliquin Announces A Victory for Maine Seniors, Maine Paper Over Wall Street
WASHINGTON – In a victory for Maine seniors and Maine’s paper industry, Congressman Bruce Poliquin (ME-02) announced today that the federal government will not move forward with a proposed policy that would be encumbering to Maine’s paper manufacturers and seniors.
After Congressman Poliquin’s more than yearlong efforts in opposing the initiative, the Securities and Exchange Commission (SEC) declared today that they would strike a harmful provision of a newly adopted rule. The provision, known as Rule 30e-3, would hurt paper manufacturers and deny seniors and rural Mainers access to their investment statements.
Congressman Poliquin, a member of the House Financial Services Committee, has been leading the efforts in Congress against Wall Street and Washington special interest groups—which have launched full-page campaign ads against Poliquin in the national newspaper Roll Call—to fight the proposal. Today, the SEC determined not to move forward with implementing Rule 30e-3.
“This is an encouraging win for Maine jobs and Maine seniors,” said Congressman Poliquin. “It’s simply unfair and doesn’t make sense for rural Mainers and Maine seniors to be denied critical information on their investments because of this harmful proposal. At the same time, this proposed rule would hurt hundreds of jobs in our State’s paper industry. I’m extremely pleased with the SEC’s decision today and will continue to fight to protect Maine jobs and our seniors’ interests.”
Ken Winterhalter, President of Twin Rivers Paper, said, “Congressman Poliquin immediately recognized that this proposed regulation was a flawed policy that would hurt people throughout Maine and businesses in his District without achieving the results it sought. He led a coalition of strong voices in Washington that protected seniors, protected the jobs at Twin Rivers while still supporting the advancement of technology. We are proud to work with the Congressman and appreciate his leadership on this important issue.”
Rule 30e-3 would fully eliminate all paper copy versions of mutual fund reports for investors unless the individual independently elects to receive them. This would force consumers with limited or no access to the Internet—like many in rural and older communities in Maine—to go through a number of hoops in filling out complex forms in order to receive paper copies of their investment statements, leaving them in an information desert.
In addition, the implementation of 30e-3 could have a harmful impact on paper manufacturers, like Twin Rivers Paper in Madawaska, that produce the material for the paper copies. Twin Rivers is a major economic engine in the region and provides for 525 direct jobs in the Madawaska area and 317 indirect and 1,243 induced jobs across the State of Maine.
Congressman Poliquin has been pushing hard to protect Maine’s paper industry and senior investors by working to oppose the proposed rule:
- Jan. 16, 2016: Congressman Poliquin’s op/ed in The Hill: SEC Must Keep Shareholder Reports Accessible to All
- Dec. 11, 2015: Poliquin Authors Bipartisan Letter Urging the SEC to Revise the Rule
- Nov. 18, 2015: Poliquin Questions SEC Chair Mary Jo White in House Financial Services Hearing
- Oct. 28, 2015: Poliquin Questions SEC Director David Grim, whose bureau of the SEC wrote Rule 30e-3
- Aug. 14, 2015: Poliquin, Along with Senators Collins and King, Sends Letter to SEC Asking for an Extended Public Comment Period on the Rule
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