S. 3217: Harkin Indexed Annuity Amendment Hits Wall
May 21, 2010 by Arthur D. Postal
WASHINGTON BUREAU – Sen. Daniel Akaka acted today to keep an indexed annuity amendment from coming up for a vote on the Senate floor.
Sen. Thomas Harkin, D-Iowa, introduced the amendment, S.A. 3920, together with a bipartisan group of colleagues that included Sen. Charles Grassley, R-Iowa, as well as Sens. Earl Benjamin Nelson, D-Neb.; Michael Johanns, R-Neb.; and Patrick Leahy, D-Vt.
The amendment would bar the U.S. Securities and Exchange Commission from implementing Rule 151A and regulating indexed annuities as securities starting in January 2011.
Harkin and colleagues have been trying to add the amendment to S.A. 3937, a substitute version of S. 3217, the Restoring American Financial Stability Act.
For the latest S. 3217 coverage, please see S. 3217: Senate Passes Cloture Motion.