WASHINGTON – Today, Senator Dean Heller (NV) and Senator Gary Peters (MI) introduced acompanion bill to Congressman French Hill (AR-02) and Congressman John Carney’s (DE-At Large)H.R. 5019, the Fair Access to Investment Research Act of 2016. In April, the H.R. 5019 passed the House of Representatives by a vote of 411-6.
The bill would address anomalies in securities laws and regulations that discourage broker-dealers from publishing research on exchange traded funds (ETFs) by directing the Securities and Exchange Commission (SEC) to provide a safe harbor for research reports that cover ETFs. In recent decades, the popularity of ETFs has risen drastically, and along with their growth, ETFs have also become more complicated and require more analysis.
After the Senate version was introduced today, Congressman Hill released the following statement:
“Since starting my most recent investment firm in the late 1990s, I have seen ETFs grow from about 100 funds with $100 billion in assets to over 1,400 funds with nearly $2 trillion in assets. This rapidly growing, but complex market would greatly benefit from more research and information. I am an advocate for promoting capital formation, removing unnecessary burdens, and improving investor access to information, and this bill fulfills all of these concepts. I appreciate Senator Heller and Senator Peters introducing this bill in the Senate, and I strongly encourage Senate Leadership to bring it up for a vote.”
See Also:
Hill and Carney Investment Research Bill Passes House
House overwhelmingly approves bill to expand distribution of ETF research
