Washington — You can add Barney Frank’s voice to the chorus questioning the passage of SEC rule 151A in the waning hours of the Bush Administration.
The Massachusetts Democrat and House Financial Services Committee chairman released a statement after the U.S. Securities and Exchange Commission (SEC) adopted the rule by a 4-1 margin. Rule 151A would define certain types of equity-indexed annuities as securities, rather than insurance products, for purposes of the Federal securities laws.
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