Posted on 05/14/2010 10:37:04 PM PDT by Jet Jaguar
Dear JJ:
A few weeks ago, I asked you to urge your senators to amend a portion of the Restoring American Financial Stability Act of 2010 (S.3217) currently pending in the U.S. Senate. Today, I am writing to thank you for your efforts and inform you that your concerns were heard. Your outreach sent a strong message to the Senate and prompted the introduction of an amendment that addresses the concerns of USAA and our valued members.
As you now know, the Senate has been debating this sweeping financial reform bill which includes a provision, known as the Volcker Rule, that would limit the investment activities of banks and their affiliates. USAA supports financial reform that protects consumers, including limiting investment activities by banks. But, extending investment restrictions to our affiliated insurance company portfolios, which are already subject to well-defined state regulations, would drastically impact our ability to continue to offer our members a full spectrum of financial services products.
In response to your outpouring of e-mails and phone calls to senators, Sen. Jeff Merkley and Sen. Carl Levin introduced an amendment clarifying that the restrictions of the Volcker Rule should not adversely affect state-regulated insurance investments. Senators Merkley and Levin recognize the value and highly regulated nature of insurance portfolio investments made by entities like USAA and have crafted an amendment that will allow USAA to continue to serve our members as we do today. We need your support to ensure that this critical amendment is included in the final bill.
I am asking you to please contact your U.S. senators immediately and urge them to support the new Merkley-Levin Amendment (No. 3931). You may click here to access a special website that enables you to quickly send an e-mail message to your senator. Thank you again for your help and support, Joe Robles Signature Josue (Joe) Robles Jr. Major General, USA (Ret.) President and CEO
USAA ping.
Forwarded....
Thanks Ma.
I am out for the night.
Sleep well.
This whole d@mn financial reform bill is being written on the fly. The process is a total sham, as is the bill itself. The dems sponsoring this haven’t a clue what problem they are trying to solve, and as such, are going to screw up the free markets. But then again, isn’t that the interrim goal, just before the banking system is nationalized?
Sleep well, JJ.
bump
There’s a USAA ping list?
bookmark
Unintended consequences. The black hole of debt draws everything into it even well run companies.
There is. It was Tonkins’ old active duty/retiree list that was passed on to me after he passed.
Thanks for the ping JJ.
SZ
Please add me to the USAA ping list.
Thanks.
You are added.
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