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House Floor speech of Jenniffer Gonz谩lez in support of the US Territories Investor Protection Act - YouTube
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in this regard her long service public
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service and particularly Dersch opinon
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change in Puerto Rico
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recently mr. speaker I had the
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opportunity to take an all too quick
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trip to San Juan to assess the current
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economic conditions on the island to
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brief in that it was less than a day
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which seems completely unfair to any
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visitor to the beautiful island of
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Puerto Rico but I want to thank my host
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our distinguished delegate from the
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Commonwealth Jennifer Gonzalez for
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hosting me on that visit I thank her for
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her co-sponsorship on this bill her
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leadership on the island here in
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Congress and we're grateful to have you
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as a new member of this body and I yield
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to the delegate from Puerto Rico such
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time as she may consume
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the gentlelady from puerto rico is
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recognized Thank You mr. speaker today I
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rise in support of the u.s. territories
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investor protection I've asked and thank
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you my friend
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French Hill for having me here I am a
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co-sponsor of this bill and I thank
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representative Velasquez for introducing
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HR 1366 and the members who have joined
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in supporting this important legislation
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the US territories investor Protection
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Act will close a loophole in the current
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law by passing this bill Congress will
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bring to Puerto Rico's investors the
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same protections enjoy by investors
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residing in the 50 states under current
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law investment funds that are located
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and organized in the US territories and
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sell to only residents of the
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territories are exempted from the
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Investment Company Act of 1940 which
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governs entities such as mutual and
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exchange rates on funds because of these
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exemptions investment companies located
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in the US territories can sell their
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products to territory residents while
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not being subjected to the other side
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disclosure and conflict of interest
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requirements that govern investment
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companies located in the States as a
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result investors residing in Puerto Rico
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and the other territories have
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experienced investment losses some of
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which likely will have been prohibited
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had the 1948 apply to the territories
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for example UBS operating in Puerto Rico
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serve as an advisor to Puerto Rico's
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Employees Retirement System and in 2008
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lead the underwriting of a 2.9 billion
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dollar bond issue for the government
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pension agency u es then place 1.7
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billion dollar of those funds into UBS
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managed mutual funds the UBS then sold
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exclusively to customers in the island
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this investment will have been forbidden
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by the investment company Act
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if this fund were sold in the state the
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Puerto Ricans investors holding these
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bonds have suffered massive losses and
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are claiming that the UBS did not
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properly disclose the risk of this sort
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on the island hundreds of these
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customers have filed arbitration claims
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with the Financial Industry Regulatory
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Authority and they seek more than 1.1
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billion in damages UBS continues to lose
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these cases for failing it feels very
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responsibilities today's vote on HR 1366
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will help end such outrageous in beds
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and abuse and give Congress another
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opportunity to align the laws governing
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Puerto Rico and the other territories
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with the laws governing the 50 states
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HR 1366
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we'll remove the territories exemption
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and make 1940 Investment Company Act
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apply to companies that are located
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organizing and sell to residents of all
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territories I urge my colleagues to vote
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in support of HR 3606 the US territories
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investors Protection Act thank you and I
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yield back the remainder of my time
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gentlelady yields back
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