House Financial Services Committee members unanimously approved a bill on Thursday that would put an end to a current legal loophole that a lawmaker contends allowed broker-dealers to defraud Puerto Rico investors. The U.S. Territories Investor Protection Act of 2016 (H.R. 5322), introduced in May by Rep. Nydia M. Velázquez, D-N.Y., would extend to Puerto Rico the same protections under the Investment Company Act of 1940 as those afforded to investors residing on the U.S. mainland.
