2026 NASAA President Elizabeth Bowling
October 6, 2026
NASAA 2026 Fall Annual Meeting
Chicago, Illinois
Past President Gibson:
Hi everyone! I am Marni Gibson, a newly minted former NASAA President. I have the good fortune to be joined by my good friend and colleague, Elizabeth Bowling, for a conversation as she embarks on her term as NASAA President. Elizabeth, welcome and congratulations on becoming NASAA President.
President Bowling:
Thank you, Marni. I am excited to begin my term and am thankful to the NASAA membership for this honor. NASAA members embody the best of public service, and I look forward to all that we will accomplish in the year ahead.
Past President Gibson:
So, let’s get started…I know people are interested in learning who will be joining you on NASAA’s leadership team this year. Can you tell us who will be on the Board and who are the chairs of the Sections?
President Bowling:
I am happy to! I am going to introduce everyone, ask them to stand up and remain standing, and ask that we hold applause until I have completed the introductions.
Joining me on the Board will be:
- President-Elect: Eric Slee, Mississippi
- Past-President: Marni Gibson, Kentucky
And Board members:
- Jane Anderson, Nova Scotia
- Faith Anderson, Washington state
- Jesse Devine, Maine
- Erin Houston, Nevada
- Melanie Senter Lubin, Maryland
- Amanda Smith, Vermont
And subject to Board approval, I have asked the following NASAA members to serve as Section Chairs and Co-chairs:
- Broker-Dealer: Amber Crouch, Arkansas and Christi Ochoa from Texas
- Corporation Finance: Claire McHenry, Nebraska
- Enforcement: Anthony Leone of Massachusetts and Jonathan Williams from South Carolina
- Investment Adviser: Steve Bray, Michigan
- Investor Education: Amanda Kelting, from Minnesota and New Brunswick’s Marissa Sollows.
It is going to be a great year! Please join me in thanking everyone for their willingness to be a part of NASAA’s leadership.
Past President Gibson:
Thank you for sharing that information. I know we look forward to the year ahead. Elizabeth, I just want to ask you a few questions. First one: why did you want to become NASAA President?
President Bowling:
As every past NASAA president knows, it is a journey to get here. I became involved in NASAA because I wanted to contribute and give back, while also building my team back home. I ran for the NASAA Board, and once I was on the Board, I saw even more clearly the important work that NASAA does and the opportunity to give back in an even greater way by serving as President.
And I must admit, I am very competitive! When I first applied for a NASAA committee years ago, I was not selected. I remember thinking, “Wait a minute, I am getting selected next year.” So, I approached the process more strategically, looked for ways to get involved and contribute, and that path led me here.
Past President Gibson:
I am not surprised to hear you say competitive, as I have gotten to know you quite a bit over the years and we align a little bit there! But I think that rolls right into my next question: What has NASAA meant to you throughout your career, and how has your involvement shaped your work with the Tennessee Securities Division?
President Bowling:
NASAA has been an amazing organization to be part of because its members are so willing to help. Since joining the Tennessee Securities Division, I have participated in NASAA trainings, committee meetings and other events, which has allowed me to build relationships with regulators across states, provinces and territories. And I have encouraged my team to do the same.
The relationships you build through NASAA are invaluable. Once you have met someone face to face, it is much easier to pick up the phone and say, “I have got this odd issue. What do you think?” Early in my career, I sometimes hesitated to reach out for any number of reasons, but I soon learned that NASAA members are always incredibly helpful.
I have tried to give that same spirit back through my involvement in a wide variety of committees, project groups, and sections. My goal has always been for Tennessee to become a division that other regulators can rely on and look to for ideas and expertise. NASAA is at its best when members actively participate, learn from one another and share what they know.
Past President Gibson:
Very well said. I know you talk a lot about how NASAA members can get involved…So, what does being a securities regulator mean to you?
President Bowling:
I came from the private sector, where I dealt with regulatory compliance, so when I came into the public sector, it was with a particular perspective. I know that there is no “easy button” for compliance, and that you must put in the time and effort. At the same time, I wanted our division to take a balanced approach, to be supportive of a compliant industry but equally willing to take action to address wrongful conduct.
Past President Gibson:
So, since you had that unique perspective, how do you think regulators make a difference for investors?
President Bowling:
In many ways, including by identifying and stopping the bad actors, putting appropriate guardrails in place for industry, and educating investors so they can make informed decisions. I would not say one is more important than the other. I like to cook, and I think of it just like making a good recipe, as it is all about making sure we have the right balance of ingredients so that we get a good result.
Many of us in this room dedicate significant resources to inform and educate investors so that they are armed with the information that, hopefully, will empower them to make good decisions and avoid scams. That is why financial literacy and investor education are so important.
That said, we have a duty to respond to constituent complaints, to gather the facts and determine when and how to move forward, and sometimes that is through enforcement actions. As I said earlier, it is about trying to find that balance that gets us to a good result.
Past President Gibson:
Now I am going to pivot just a little bit. Let us talk about your priorities: What priorities do you have for your presidency?
President Bowling:
NASAA’s organizational priorities are set out in the strategic goals we as a membership develop. We have made significant investments in learning and educational resources for our members, and I certainly want to continue that effort and expand it where we can. For instance, we are looking at new ways to support member education given all the innovation in the markets. That is a big priority for me and our members.
We have several technology related initiatives underway and scheduled for delivery in the coming year, including enhancements to the NASAA Exams Modules platform and a major update to the underlying code for EFD.
I expect to continue to see many rule proposals coming from federal regulators and FINRA that we will also have to respond to.
Past President Gibson:
I think that is a good segue to dig into some of these policy subjects. Looking ahead to the next Congress, what role can our U.S. NASAA administrators play in shaping the organization’s federal legislative agenda?
President Bowling:
Our members’ perspectives are essential to setting NASAA’s federal legislative priorities. We gather data and insights in various ways, including through surveys, to help inform the development of our next federal legislative agenda. I encourage NASAA members to participate. The issues that matter most to investors and state securities regulators should help shape the issues NASAA takes to Washington.
Past President Gibson:
Based upon your involvement over the last year and how much we have talked, do you want to weigh in on the CLARITY Act?
President Bowling:
Sure, why not? A lot of people have put long hours on that legislation, including many of our members and NASAA staff. Now that we are past the Senate’s cloture vote, I do not think playing the blame game is productive. The bottom line is that we need clear rules of the road for the industry that has to comply with the law and for the regulators who have to enforce it. That was certainly our goal in advocating for improvements to the bill. And we do not need to hand the SEC additional and unnecessary preemptive authority, especially considering all the good work states have done to root out bad actors in this space.
We will continue to monitor and engage on CLARITY if or when it comes back after the midterms. In the meantime, I am appreciative of the willingness of the staff and members on the Hill who worked with us and listened to our concerns with the bill.
Past President Gibson:
So how do you view our current debate over federal preemption and the role of state securities regulators? Can you dig into that just a little bit more?
President Bowling:
Clearly, we are in a challenging environment, especially given what we have seen coming out of the SEC by way of rule proposals in recent months. No one should be surprised that we oppose weakening our authority to protect investors. We have been doing it longer than our friends at the SEC or FINRA, and we take that responsibility seriously, especially where preemption will come at very real costs to investors. And keep in mind that preempting states in some of the ways that SEC has proposed will have consequences for investors. For example, preempting states from reviewing certain offering types will not fix the problems that we identify with those offerings and in some cases may make them less suitable for investors.
We have shared these concerns with the SEC and we will do what we can to make sure investors are protected.
Past President Gibson:
You did mention compliance earlier in our discussion, and we have several longstanding workstreams within NASAA aimed at assisting industry with compliance. How is NASAA working to reduce regulatory burdens for industry?
President Bowling:
That is a great question, Marni, because regulatory burdens are real. We recognize that compliance has a cost, and NASAA is focused on finding ways to make regulatory processes more efficient. Technology is an important part of that effort. For example, NASAA continues to expand EFD, which I mentioned earlier, the Electronic Filing Depository, including adding states and functionality for mutual fund filings. These investments give filers more options and help streamline the regulatory process.
Our approach in EFD has been to work with states to build in many state filing rules and requirements in the platform itself. That means that filers do not have to monitor for developments, it’s built into the system.
Past President Gibson:
Do you see our model rulemaking process as something that is also designed to help with compliance?
President Bowling:
Yes! Our notice and comment process always allows interested parties from industry to weigh in early in the model rule process. Recent rules have benefited from that process, including those aimed at updating our business practices rule, along with changes to the IA marketing rules. In both cases, the rules are closely aligned with how the SEC approaches those issues and make compliance easier for industry while maintaining strong investor protection.
Past President Gibson:
Along those same lines, what has been your experience with IAR CE, and how can states use continuing education to engage with the industry?
President Bowling:
Both of our states, Tennessee and Kentucky, have adopted the IAR CE requirement, and I see it as a valuable way to help investment adviser representatives and their firms stay current on their regulatory responsibilities and evolving issues.
Going back to your previous question, NASAA developed and launched a dashboard that makes it easier for advisers to locate and select courses to meet their IAR CE requirements, and we have made improvements to the approval process for course providers.
States also can become CE providers themselves and use educational programs to engage directly with industry. It is a practical way to provide useful compliance education while building stronger engagement and relationships between regulators and the people they regulate.
Past President Gibson:
So, this is why engagement and strong communication between regulators and industry are so important?
President Bowling:
Well, relationships make communication easier. When regulators and industry professionals know one another, they are more comfortable asking questions and discussing potential issues before they become problems. It also creates a better understanding on both sides of the regulatory process. Building those relationships can ultimately lead to a stronger culture of compliance.
Past President Gibson:
You have shared a lot about your priorities and the upcoming year. Who would you like to thank as you begin your presidency?
President Bowling:
First and foremost, I want to thank my family for their support. I also want to thank my leadership, Commissioner Carter Lawrence and Deputy Commissioner Bill Huddleston, for supporting me and allowing me to take on this role.
And I want to thank NASAA and the many members who have supported me throughout my career.
I am also grateful for NASAA’s staff. They do an amazing job supporting the membership and making all that work possible.
Past President Gibson:
What would you say to someone who is considering getting more involved with NASAA?
President Bowling:
Try it. You do not have to know exactly what committee or section is going to be the perfect fit. Get involved, participate, and see what you learn and what you like. You may end up finding an area that you never expected to enjoy.
And do not be afraid to ask questions. NASAA is an organization where people genuinely want to help one another. That is one of the things that makes NASAA special.
Past President Gibson:
Thank you for your time today. But I cannot end without at least touching a little on our rivalry, as we talked about competitiveness! So, a football question, and probably the biggest question we will grapple with the entire day: Tennessee and Kentucky are both in the SEC and they play each other in about a month on November 7th. Any predictions?
President Bowling:
For those in the room who may not be familiar with the real SEC, it is the Southeastern Conference in college football. I have my thoughts on how the game might turn out, but for now let us just say we will wait and see!
Past President Gibson:
Good luck during your presidency. I know you will make NASAA proud!
President Bowling:
Thank you, Marni, and thank you for your service.
