WASHINGTON (December 14, 2009) – The North American Securities Administrators Association (NASAA) today applauded the House of Representatives for moving forward with meaningful investor protection reforms and acknowledging the important role of state securities regulators through the passage of the Wall Street Reform and Consumer Protection Act of 2009 (H.R. 4173). This comprehensive legislation recognizes the contributions of state securities regulators by increasing state regulatory authority over investment advisers with assets under management of less than $100 million.
“The Wall Street Reform and Consumer Protection Act is an important step toward better protecting investors,” said Denise Voigt Crawford, NASAA President and Texas Securities Commissioner. “NASAA commends the House for putting the interests of Main Street investors ahead of Wall Street. We also applaud Representatives Barney Frank (D-Mass.) and Steve Cohen (D-Tenn.) for their leadership in successfully sponsoring a floor amendment to strike the language that would have permitted FINRA to regulate investment advisory activities of its broker-dealer members.”
With the passage of the House regulatory reform bill, state securities regulators are now focused on similar efforts in the Senate. “NASAA encourages the Senate to move quickly on its own regulatory reform bill. We look forward to working with the Senate Banking Committee to ensure passage of the strongest possible protections for our nation’s investors,” Crawford said.
For more information:
Bob Webster, Director of Communications
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.