This excerpt below is from The Texas Tribune which is doing a great job telling the story of Texas politics. That story is often gob-smackingly nutso, as you can see in the excerpt below. You can read the entire article here.
Sen. Angela Paxton files bill that would allow her husband, Texas Attorney General Ken Paxton, to issue exemptions from securities regulations
Billed as a consumer protection effort, the proposal would allow approved individuals to serve as investment advisers without registering with the state board — a felony under Texas law that Ken Paxton was charged with in 2015.
by Emma Platoff Feb. 16, 20196 PM Republish
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Texas Legislature 2019
The 86th Legislature runs from Jan. 8 to May 27. From the state budget to health care to education policy — and the politics behind it all — we focus on what Texans need to know about the biennial legislative session.More in this series
In what state Sen. Angela Paxton describes as an effort to safely expand Texas’ burgeoning financial tech industry, the freshman Republican from McKinney has filed a bill that would empower the office of her husband, Attorney General Ken Paxton, to exempt entrepreneurs from certain state regulations so they can market “innovative financial products or services.”
One of those exemptions would be working as an “investment adviser” without registering with the state board. Currently, doing so is a felony in Texas — one for which Ken Paxton was issued a civil penalty in 2014 and criminally charged in 2015.
Senate Bill 860, filed Friday, would create within the attorney general’s office an entirely new program — what the bill calls a “regulatory sandbox” — that would allow approved individuals “limited access to the market … without obtaining a license, registration, or other regulatory authorization.” The bill, based on a 2018 Arizona law hailed as the first of its kind, aims to cut red tape for the growing financial tech sector, allowing businesses to market new products for up to two years and to as many as 10,000 customers with scant regulation.
