S.C. Lawmaker Defuses Furor Over Financial Advisers

Hume, Lynn
May 2006
Bond Buyer;5/19/2006, Vol. 356 Issue 32385, p6
Trade Publication
The article reports on the withdrawal of a controversial amendment proposal by representative Jim McGee, a Republican attorney from Florence, South Carolina, following opposition from independent financial advisers. The proposal would have stipulated that municipal bond issuers in the state could use only broker-dealers as financial advisers and not independent firms. The amendment was ostensibly designed to ensure that state and local issuers would use only firms that are knowledgeable and qualified in the financial advisory business. McGee informed that he did not realize it would narrow the universe of FA firms that issuers could consider hiring and prohibit them from hiring independent advisers.


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