 Our primary objective was to probe the SEC’s newly imposed restrictions on technology for investors. It was revealed during the hearing that small businesses are facing substantial pressure due to increased fees, contrasting sharply with Wall Street companies, who seemingly enjoy preferential treatment.
To address these concerns, Congressman Gottheimer (NJ-5) and I wrote a letter to Director Birdthistle of the Division of Investment Management, only to receive no response. During the hearing, we pursued inquiries related to the letter and posed questions, but Mr. Birdthistle claimed unfamiliarity with the information.
Throughout my interactions with the SEC, the Division of Investment Management has consistently chosen to overlook and sidestep the questions raised in both the letter and the hearing. To mitigate such issues, I introduced and secured the passage of H.R. 2622, the MiFID II Act, in Congress this July. This legislation provides clear guidance to the SEC, enabling broker-dealers to receive payments for research services rendered to investment managers, and promoting transparency and honesty in investment banking. This provision ensures that broker-dealers can receive payments without the necessity of registering as investment advisors.
My commitment is to uphold the principles of fairness and transparency in the financial sector, and we will continue our endeavors to safeguard the interests of small businesses and individual investors against any institutional bias or negligence. |
The enduring success of the Atkinson Candy Company holds a storied history and is a driver of economic growth in the Lufkin community. The Atkinson family, who started their candy company amid the Great Depression in 1932, has diligently passed down their business acumen, traditions, and family values to succeeding generations. I am always thankful to hear from local manufacturers, like the Atkinson Candy Company, and how we can build a robust economy and community in the 17th Congressional District of Texas. 
