Office of Congresswoman Shea-Porter - Shea-Porter Requests Congressional Review of UBS Allegations

New HampshireToday, Congresswoman Carol Shea-Porter sent a letter to Representatives George Miller and Barney Frank requesting a joint review of the recent allegations that UBS Serenities has defrauded the New Hampshire Higher Educations Loan Corporation. 

The complete text of the letter is attached.

Full Text of Letter is Below:

The Honorable George Miller                            


House Committee on Education and Labor         

2181Rayburn House Office Building                      

Washington, DC 20151           

The Honorable Barney Frank


House Committee on Financial Services

2129 Rayburn House Office Building

Washington, DC 20151                   

Dear Chairman Miller and Frank,

I am writing to respectfully request that the House Committee on Education and Labor and House Committee on Financial Services jointly review the recent allegations by the New Hampshire Bureau of Securities Regulation that UBS Securities, LLC has defrauded the New Hampshire Higher Education Loan Corporation (NHHELCO).

NHHELCO plays a vital role for New Hampshire students and families, handling approximately 85 percent of student loans in New Hampshire. The current credit crisis has placed a significant strain on NHHELCO, and UBS’ alleged actions have further intensified this strain.

Given the significance of NHHELCO to my constituents and the gravity of these allegations, I respectfully request that the Committees jointly hold hearings into these allegations when Congress returns from the August District Work Period.

I appreciate your leadership on this issue.


Carol Shea-Porter

Member of Congress