WASHINGTON (October 5, 2009) – North American Securities Administrator Association President and Texas Securities Commissioner Denise Voigt Crawford is scheduled to testify Tuesday before the U.S. House Financial Services Committee in a hearing to discuss the legislative changes necessary to improve the nation’s financial services regulatory system.
The hearing, “Capital Markets Regulatory Reform: Strengthening Investor Protection, Enhancing Oversight of Private Pools of Capital, and Creating a National Insurance Office” will be held at 10 a.m. on Tuesday, October 6, in Room 2128 of the Rayburn House Office Building.
“NASAA and its members are committed to working with the Committee to ensure that the nation’s financial services regulatory regime undergoes the important changes that are necessary to enhance Main Street investor protection, which the states have effectively provided for nearly 100 years,” Crawford said.
Crawford will outline NASAA’s agenda for regulatory reform, including establishing a fiduciary duty for all broker-dealers who offer investment advice and restricting the use of mandatory pre-dispute arbitration clauses. She will also address the need for improving information sharing among state and federal regulators, creating a systemic risk council to monitor threats to the greater economy, and assigning state securities regulators responsibility over a larger number of investment advisers.
“At this critical time in the nation’s history, it’s imperative that our system of financial services regulation be improved to better protect investors, markets, and the economy as a whole,” 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