USAA calls on members to oppose 'Volcker Rule'

I’ve been a member of the United States Automobile Association (USAA), a financial institution and insurer, for over a decade. This is the first time I’ve gotten anything like this from them:

we are asking all USAA members and employees to urge their U.S. senators to amend a portion of the bill, known as the “Volcker Rule,” to eliminate its effect on a company like USAA. Please know that this legislation does not impact individual member’s investments.

The Volcker Rule, as I understand it, would severely restrict what sort of investments USAA could make with its capital. The message says the bill would:

  • Prevent USAA from managing the association’s portfolio as we have for the past 87 years.
  • Jeopardize our ability to continue offering many of our competitive products.
  • Limit our ability to return money to our members. Last year, USAA returned $1.2 billion to our members in the form of distributions, dividends, and bank rebates and rewards

Is this spontaneous from USAA, or urged on by a trade association or the Chamber of Commerce? Will the Democrats respond? If so, will they respond with the sort of accommodation the President showed yesterday or the viciousness he and the Democrats often show to their critics?

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