On October 1, 2009, Congressman Paul E. Kanjorski, Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises released discussion drafts of three pieces of legislation aimed at reforming needed areas in the U.S. financial services industry. The draft bills are the Investor Protection Act, the Private Fund Investment Advisers Registration Act, and the Federal Insurance Office Act.
According to Congressman Kanjorski’s press release, the Investor Protection Act will strengthen the SEC’s enforcement powers to “better protect investors, and efficiently and effectively regulate our securities markets.” The Private Fund Investment Advisers Registration Act will require private advisers to register in order for regulators to “better understand exactly how those entities operate and whether their actions pose a threat to the financial system as a whole.” The Federal Insurance Office Act will create a federal insurance office “will provide policymakers with access to the information and resources needed to respond to crises, mitigate systemic risks, and help ensure a well functioning financial system.”
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