August 25, 2010
The existing laws are sufficient - just need to be enforced against the bad brokers. One of the problems is the lawyers (as is the case with healthcare). When the customers are investing they are very experienced investors. If they have a loss and see a lawyer - then they are naive innocent victims that were taken advantage of.
If this new law goes through, the cost of errors omissions insurance will skyrocket. I won't be able to afford it and will be forced to leave the industry.
The current amount of paperwork and regulation is overbearing as it is. The last thing we need in more of it
Please reconsider this new law.