Says “Exclusionary and Outdated” Rules “Unduly Restrict Retail Investor Participation” in the Stock Market
WASHINGTON – Blaine Luetkemeyer, CEO of the American Consumer and Investor Institute, has filed comments urging the Financial Industry Regulatory Authority (FINRA) to revise day trading rules to promote access to U.S. financial markets for retail investors.
“ACII supports FINRA’s efforts to review its day trading requirements to assess their effectiveness and efficiency. FINRA’s current day trading requirements are exclusionary and outdated. These rules are overly complex and unduly restrict retail investor participation in the U.S. securities markets by establishing a de facto ‘wealth test’ to trade securities and strip individuals of the autonomy to make their own financial decisions,” Luetkemeyer wrote in the letter. “Investing in the stock market is an important source of wealth generation for retail investors and should not be inhibited by unnecessary barriers to entry that make investing more difficult or expensive. … In recognition of the many changes to the securities markets since these rules were adopted, FINRA should overhaul its day trading rules to better promote financial inclusion and retail investor access.”
Read the full letter here.
About ACII
ACIl’s mission is to advocate on behalf of American consumers and investors for more choice and access to U.S. financial markets, products and services, including in the areas of consumer banking, securities and cryptocurrencies – all accompanied by robust financial education.