Letters to the editor: Oct. 1

Pay-to-play rule restricts participation too much

I read the article “Pay-to-play rule hampers efforts of adviser organization PACs” (Aug. 27), and I fully agree that this new legislation may make some sense.

However, it restricts participation in the political process for too many people and at many levels.

The severe limitations and re-strictions this puts on registered representatives, registered investment advisers and broker-dealers is enormous. The cost for making an error is egregious and overzealous.

It is interesting to note that I can contribute without many restrictions to my congressional representative, or his or her opponent, and my senator or his or her opponent, with very little — if any — restrictions. In the past, I have held barbecues at my house for people running for various offices in Connecticut.

This now would be deemed a violation of my constitutional right to participate in the government at a level at which I am comfortable.

I have sent a letter to my congressman, Joseph Courtney, as well as to my two senators, Richard Blumenthal and Joseph Lieberman, to no avail. All seem to be unwilling to assist in making even the simplest of modifications to this restrictive edict set up by the Dodd-Frank legislation.

It is a shame that in the post-Bernard Madoff era, all that has happened is, the gate was closed after the horses had already left.

Although there are some aspects of Dodd-Frank that are needed, it has become a free-for-all for the government agencies to see how much money they can raise in fines and then spend foolishly.

Gary P. Ruchin

Founder

Ruchin & Associates LLC

Vernon, Conn.

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