In advance of the House Financial Services Committee’s May 24^th markup, CFA wrote in opposition to several bills expected to be considered. These bills, if enacted, would:

• expose public school teachers saving for retirement to harmful, sales-driven conflicts of interest and the risk of unrecoverable losses,
• increase the amount of risky, costly, illiquid, and opaque private funds that are sold to retail investors, and
• undermine the SEC’s and state regulators’ ability to oversee and police private securities markets.