July 5, 2008
I support the passage of this rule unequivocally. I am absolutely sick of having senior citizen after senior citizen walk into my office and ask me to help them get out of this "thing" they were sold. It breaks my heart to repeatedly have to tell folks that their money is locked up for the next FIFTEEN years.
I wish EIAs would be totally prohibited from being sold, but with 15% commissions and an insurance lobby that's impossible to defeat, that will never happen.
Nevertheless, SEC oversight is a wonderful start.