WASHINGTON (July 18, 2011) – The following is a statement made by David Massey, President of the North American Securities Administrators Association (NASAA) and North Carolina Deputy Securities Administrator, during today’s meeting of the Financial Stability Oversight Council (FSOC). Massey, along with representatives of state banking and insurance regulators, are non-voting members of the council. The FSOC was established by the Dodd-Frank Wall Street Reform and Consumer Protection Act one year ago this week and is responsible for coordinating financial regulators in order to identify systemic risks to the nation’s financial stability.
“The Wall Street reforms and investor protection provisions in the Dodd-Frank Act were born out of necessity. The financial crisis made it clear that the existing regulatory landscape required an overhaul. The formation of the Financial Stability Oversight Council was an integral part of this overhaul.
“The work of the FSOC and its members is important to preventing another crisis and restoring investor confidence. Investors of all kinds look to their state and federal regulators to protect them from the types of practices that led to the financial crisis.
“We are committed to working hard to live up to those expectations and to continue to advocate for investors as we work with the other members to carry out the work of the FSOC.”
NASAA was founded in 1919 and is the voice of securities agencies responsible for grass-roots investor protection and efficient capital formation. Its membership consists of the securities administrators in the 50 states, the District of Columbia, Canada, Mexico and Puerto Rico.
For more information:
Bob Webster, Director of Communications