WASHINGTON, DC, July 10, 2019 – The U.S. House of Representatives has approved a bipartisan resolution honoring the 100-year anniversary of the North American Securities Administrators Association (NASAA). The resolution was introduced on June 21, 2019 by Reps. Ayanna Pressley (D-MA) and Bill Huizenga (R-MI), both members of the House Financial Services Committee. It was co-sponsored by Reps. Stephen Lynch (D-MA), also a member of the committee, and Van Taylor (R-TX).
“As NASAA proudly celebrates its centennial anniversary, we are humbled to be honored by the House of Representatives and appreciate its affirmation of the vital role NASAA members serve in protecting Main Street investors and facilitating responsible capital formation for small businesses across our country,” said Michael S. Pieciak, NASAA President and Vermont’s Commissioner of Financial Regulation.
“For the past century, NASAA has supported the work of its members who serve on the front lines of investor protection, safeguarding the savings and the futures of countless hardworking Americans. Our message today remains as simple and as powerful as it was a 100 years ago – when the interests of Main Street investors are put first our capital markets, our economy, and our country all succeed. We thank Reps. Pressley and Huizenga for their leadership in sponsoring the resolution and look forward to our second century of service.”
Speaking on the House floor, House Financial Services Committee Chair and bill manager Maxine Waters (D-CA) said “The primary mission of both state securities regulators and NASAA is to protect and advocate for the protection of investors, especially the most vulnerable investors, like our nation’s seniors, who may lack the expertise, experience, and resources to protect their own interests. These grassroots regulators are often the first line of defense against investment fraud and often respond to emerging frauds and investment scams before they are detected at the federal level.”
“For 100 years, NASAA has sought to provide safe, efficient, and informative ways to connect hardworking Americans with capital markets to build a better future,” said Rep. Huizenga. “In my home state of Michigan, NASAA members have become a leading voice for improving investment education, protected investors by utilizing securities enforcement, and helped build stronger communities by assisting in capital formation projects. Thank you NASAA for all that you do to connect people with opportunity and congratulations on reaching this centennial milestone!”
“Over the last 100 years, state securities regulators in Massachusetts have played a crucial role in protecting and educating American investors,” said Rep. Pressley. “NASAA and the regulators they represent have been leaders in ensuring stability and equity. I’m proud to honor 100 years of the NASAA’s important investor-protection work and I look forward to 100 more.”
The resolution acknowledges state securities regulators as “the original pioneers of regulating the United States capital markets,” and, as modern day “leaders in civil and administrative enforcement actions, as well as criminal prosecutions of securities violators,” whose actions have “led efforts resulting in landmark settlements to stop unfair practices in the securities industry, the return of billions of dollars to harmed investors, and thousands of bad actors sitting in jail as the result of their work in investigating and uncovering fraud.”
NASAA’s members include securities regulators from all 50 States, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Canada, and Mexico.
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