On July 11, Americans for Financial Reform wrote to the House of Representatives to express our support for H.R. 5322, the “U.S. Territories Investor Protection Act of 2016”. This legislation will close an egregious, decades-old loophole that exempted companies in Puerto Rico, the Virgin Islands, and any other United States territory from the Investment Company Act of 1940 – a loophole that denied residents basic investor protections and exposed them to conflicts-of-interest that would be illegal in the mainland U.S.
