April 19, 2023, 2:00 p.m. ET
WASHINGTON, D.C. – North American Securities Administrators Association (NASAA) Past President and Maryland Securities Commissioner Melanie Senter Lubin is testifying on Capitol Hill today. She is speaking before the House Financial Services Subcommittee on Capital Markets. Commissioner Lubin will explain the vital role played by state securities regulators in capital formation and describe why Congress’s capital formation agenda would fail to achieve its goals.
At the hearing, entitled: “Regarding A Roadmap for Growth: Reforms to Encourage Capital Formation and Investment Opportunities for All Americans,” Commissioner Lubin is urging Congress to prioritize investor protection measures under consideration and abandon four legislative proposals that preempt state securities regulators: the Small Entrepreneurs’ Empowerment and Development (“SEED”) Act; the Improving Crowdfunding Opportunities Act; H.R. 2506, the Restoring the Secondary Trading Market Act; and the Unlocking Capital for Small Businesses Act.
Commissioner Lubin also urges Congress to follow the capital formation agenda outlined in NASAA’s Report and Recommendations for Reinvigorating Our Capital Markets.
In her testimony today, Commissioner Lubin will highlight the work of state securities regulators to promote responsible and compliant capital formation by Main Street businesses. “For example, while the nature of the services varies across jurisdictions, it is common for our regulators to maintain websites devoted to capital formation resources, collaborate with local organizations to conduct seminars for small businesses, respond regularly to inquiries, and otherwise support the business community.”
Organized in 1919, the North American Securities Administrators Association (NASAA) is the oldest international organization devoted to investor protection. NASAA is a voluntary association whose membership consists of the securities regulators in the 50 states, the District of Columbia, Puerto Rico, Guam, the U.S. Virgin Islands, the 13 provincial and territorial securities regulators in Canada, and the securities regulator in México. For more information, visit www.nasaa.org.
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