View or download a PDF of the letter here.

AFR opposes a series of legislative proposals that have recently been approved by House committees, and, in some cases, by the full House of Representatives, and that seek to amend the federal securities laws in ways that would be harmful to investors. Some of the House proposals directly weaken regulatory oversight and threaten investor protection, while others seek to alter policy in a more subtle or incremental fashion. Taken together, the cumulative effect of the House legislation would be to drastically expand the marketplace for unregistered or “private” securities offerings, to the detriment of public securities markets, market transparency, and ordinary investors.