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by January 10, 2009
The financial industry is in turmoil leading many to be unemployed at a very precarious time. We tinker on the edge of recession and financial uncertainty , do we also need to increase the odds of not getting employment because of expired licenses? The FINRA rules currently state that the Series 7 & 63 license which is currently held by approximately hundreds of thousands financial professionals, will expire two years after termination from employment. I propose that we petition FINRA to extend that from 2 to 4 years allowing those misplaced ample time to find suitable employment. It doesn't have to cost FINRA anything to allow this. The registration fees and the mandatory Continued Education fees will be paid by the licensed professional. I believe that if we could change this ruling, which could effect tens of thousands of unemployed financial professionals at this current time alot of unnecessary pressure would be alleviated. Pressure not only for the job seeker but also for the economy itself. If one has been a financial professional for his/her entire career and hasn't been successful in finding employment within that 2 year time frame, what would happen. Either he/she would be forced to enter a new field, re-take the exam (if lucky enough to get hired without the licenses) or remain unemployed. Why do we need to have such a stringent rule in place which borders on being unethical. As Plato has defined ethical - To do no harm to another. This does do harm. It impedes one from being able to make a living. The Fed is bending over backwards to accomodate the financial firms in turmoil costing billions of dollars, yet here is a simple solution to a very large problem, that costs nothing. Let's sign this petition and get it to FINRA, Washington, and the Federal Reserve. I implore you to take a stand, because you too can someday if not currently be affected by the 2 year rule. I thank you for taking the time to consider this petition and do hope you will be a supporter.
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we signed: Extend FINRA Series 7 license from 2 to 4 years after termination of employment
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