Governor Matt Blunt has announced a public advisory forum will be held to deal with a form of securities that falls outside state regulation. But Secretary of State Robin Carnahan says Blunt could have addressed the problem this past legislative session and didn’t. Carnahan backed a bill on variable annuities and had assurances from Governor Blunt’s staff that the Governor considered the bill a priority. She didn’t see Blunt actually get behind the bill and push it through. Carnahan says the bill is similar to one sponsored by former Speaker Catherine Hanaway last year that Blunt, then Secretary of State, backed. That bill passed the House, but stalled in the Senate. She says Blunt’s backing could have made the difference this year. Variable annuities are tied to the Stock Market, have hidden fees, aren’t insured and restrict withdrawals. They are excluded from the definition of security under Missouri law.
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