Agenda Calls for Congress to Continue its Commitment to Investors

DOWNLOAD: 2011 Legislative Agenda

WASHINGTON, D.C., February 2, 2011 – State securities regulators today called upon the 112th Congress to continue its commitment to investors by maintaining a strong system of state and federal investor protection as the policy debate continues over the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

NASAA’s 2011 legislative agenda spotlights five core investor protection issues and urges Congress to:

• Support the strong implementation of the Dodd-Frank Act;
• Reserve regulation for regulators;
• Strengthen state/federal collaboration;
• Impose a fiduciary duty on all financial professionals when providing investment advice about securities; and
• Provide transparency, enhance protections and reserve choice of forum for investors.

“Our legislative agenda provides the new Congress with a blueprint of five core principles that will enable policymakers to continue their commitment to investors by providing the protection they deserve,” said David Massey, president of the North American Securities Administrators Association (NASAA) and North Carolina Deputy Securities Administrator. “These legislative and policy recommendations are designed to ensure that the investor protections included in the Dodd-Frank Act are not weakened or delayed by funding constraints.”

Steven Irwin, Pennsylvania Securities Commissioner and chair of NASAA’s Federal Legislation Committee, said this year’s agenda contains many long-standing NASAA priorities but takes on renewed urgency given anticipated challenges facing the Dodd-Frank Act in the new Congress.

“Dodd-Frank was born out of necessity and not out of a desire for regulation for regulation’s sake,” Irwin said. “Congress must not repeal Dodd-Frank and rip open the regulatory gaps it seeks to close. The trust that formerly supported our markets must be restored if the heart of our system of capital formation is to thrive,” Irwin said.

“We look forward to working cooperatively with Senate Banking Committee Chairman Tim Johnson and House Financial Services Committee Chairman Spencer Bachus, as well as all members of Congress and fellow regulators, to ensure that the studies, rulemakings and implementation procedures of the Dodd-Frank Act actually protect investors and strengthen investor confidence,” Massey said.

For more information:
Bob Webster, Director of Communications
202-737-0900