On Tuesday, June 22, the Senate Conference Committee approved the Harkin Amendment—the amendment that clarifies that fixed indexed annuities are not securities—by an 8–4 vote and added it to its version of the financial reform bill.
Today the House Conference Committee also voted to include the Harkin Amendment into the final bill that will be voted on in the Senate sometime before the July 4th recess. These events represent a major step forward in our efforts to overturn Rule 151A. But remember, unless and until the President signs the financial reform bill and it includes the Harkin Amendment, nothing is done.