NASAA President to Testify Before Financial Inquiry Commission

WASHINGTON (January 11, 2010) – Texas Securities Commissioner and North American Securities Administrators Association President Denise Voigt Crawford will testify Thursday before the congressionally appointed Financial Crisis Inquiry Commission during the panel’s first public hearings.

Crawford’s testimony will provide insights on the investor protection role of state securities regulators, and she will offer a series of recommendations to enhance the ability of state securities regulators to pursue financial fraud and prosecute the perpetrators of those crimes.

“As the regulators closest to investors, state securities regulators provide an indispensable layer of protection for Main Street investors,” Crawford said. “While our presence did not contribute to the financial crisis, the erosion of our regulatory and enforcement authority was a significant factor in the severity of the financial meltdown.”

The 10-member bipartisan panel, established by Congress to examine the causes of the financial crisis, will hear testimony from public- and private-sector leaders on January 13 and 14 beginning at 9 a.m. in 1100 Longworth House Office Building, Washington, DC.

“I am honored to appear before the Commission and look forward to offering concrete proposals to prevent a reoccurrence of the current financial crisis, which continues to engulf Main Street investors,” Crawford said.

NASAA is the oldest international organization devoted to investor protection. Its membership consists of the securities administrators in the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Canada and Mexico.

For more information:
Bob Webster, Director of Communications

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