Earlier this month, as part of FSI’s State Outreach Plan, members of FSI’s advocacy team traveled to New York for the second time this year to meet with members of the New York City Council. FSI’s Tim Dawson met with several members of the Council, including Councilman Mark Levine, Councilman Daneek Miller and staff from the offices of Councilman Daniel Garodnick, Council Member Julissa Ferreras, the New York City Council Finance Division and the New York City Council Human Services Division.
The main issue discussed was the pending social media bill NYC Intro 224. This bill is similar to those introduced in Oregon, Rhode Island, and other states, in that it puts FSI’s New York membership into the impossible position of choosing whether to violate state or federal law.
While the proposed law has the laudable goal of protecting individual privacy in the workplace, FINRA regulatory rules 2210 and 3010 expressly require our members to monitor certain social media activity, in order to protect investors from fraud and other illegal activities. If this legislation were to pass, advisors would be faced with a conflicting set of rules that could discourage them from using this platform to connect with a younger generation of clients.
It was great to connect with the Council members and their staffs and we look forward to more meetings in the future!