Rep. Poliquin Applauds Reports That SEC Will Not Pursue Elimination of Paper Disclosures
WASHINGTON – Maine’s 2nd District Congressman, Bruce Poliquin, issued the following statement applauding media reports that the Securities and Exchange Commission (SEC) will not pursue a proposed rule, Rule 30e-3, to eliminate the paper form of mutual fund shareholder disclosures to consumers:
“One of the priorities for the SEC is investor protection,” said Congressman Poliquin. “This proposed rule would have allowed Wall Street mutual funds to take away critical printed fund performance reports, without customer consent. Main Street investors rely on this information to make informed investing decisions, especially for our seniors and those in rural areas that have limited or in some cases no access to the alternative electronic versions.
“These recent reports are an encouraging sign for our consumers that rely on these paper copies and for the hundreds of Maine workers that produce them.”
For the past several months, Congressman Poliquin has been leading the efforts in Congress against the SEC’s proposed rule 30e-3, which would fully eliminate all paper copy versions of mutual fund reports. Congressman Poliquin questioned SEC Chair Mary Jo White last year during a House Financial Services hearing, urging her to protect investors. In addition, the Congressman also questioned SEC Director David Grim of the Division of Investment Management, the bureau of the SEC commissioned with writing rule 30e-3.
Last week, the Wall Street Journal reported, “At a mid-July public hearing on the issue, Mary Jo White, the chairman of the Securities and Exchange Commission, noted the proposal had drawn ‘considerable attention.’ She ultimately decided to drop the plan, according to people familiar with the matter. A formal announcement is planned this fall.”
Items to Note:
- The Wall Street Journal article (8/24/16): Print is Dead? Not in Mutual-Fund Reports
- Congressman Poliquin op/ed in The Hill (1/16/16): SEC Must Keep Shareholder Reports Accessible to All
- Poliquin Authors Bipartisan Letter with Congresswoman Sinema to SEC Chair White on Saving Paper Investment Reports for Those Who Rely On Them
- Collins, King, Poliquin Write to Securities and Exchange Commission