WASHINGTON, D.C. March 31, 2008—The following is a statement by Karen Tyler, President of the North American Securities Administrators Association (NASAA) and North Dakota Securities Commissioner, regarding the Treasury Department’s Blueprint for Regulatory Reform. NASAA is the oldest international organization devoted to investor protection. NASAA’s membership consists of the securities administrators in the 50 states, the District of Columbia, the U.S. Virgin Islands, Canada, Mexico and Puerto Rico.
“The Treasury Department’s blueprint is designed to boost Wall Street’s competitiveness, not Main Street investor protection.
“Let’s not lose sight of the blueprint’s heritage. It was born in the wake of a trilogy of capital market competitiveness reports that, published alongside record earnings and bonuses on Wall Street, essentially fell flat.
“In our response to Treasury’s request for comments on regulatory restructuring last year, NASAA’s position was, and continues to be, unambiguous: the existing regulatory system, as it pertains to the securities markets, needs no fundamental restructuring. The focus of state securities regulators is clear and singular: investor protection must remain the centerpiece of the securities regulatory system.
“A macro-level solution to the current self-inflicted capital market duress, must not result in a compromise of investor protection on Main Street. While clearly there are areas of the overall structure that should be altered or enhanced, our nation’s investors do not need a new regulatory structure to provide the protection they deserve. What they need is a willingness on the part of all regulators to carry out their investor protection mandate.
“NASAA supports a strong and effective financial services regulatory structure. Such a structure requires preserving the authority of state securities regulators who protect more than 100 million retail investors.”
For More Information:
Bob Webster, Director of Communications