The North American Securities Administrators Association (NASAA) released its federal policy agenda for the 118th Congress to help investors and strengthen markets.
The agenda advocates for policy solutions that protect investors, promote responsible capital formation and support inclusion and innovation in U.S. capital markets.
“Our legislative priorities reflect NASAA members’ long history of collaborating with national policymakers on efforts to strengthen our capital markets and protect investors,” NASAA President and Iowa Deputy Insurance Commissioner Andrew Hartnett said. “We look forward to working with the 118th Congress and the Biden Administration on policies that strengthen our complementary system of state and federal securities regulation for the benefit of main street investors and businesses.”
Specifically, the agenda calls for Congress to strengthen, not weaken, the government’s ability to prevent harm to investors. It also calls for Congress to rebuild trust in the regulated capital markets by enhancing fair treatment and transparency; preserve and protect the existing securities regulatory framework for new products and practices; continue to encourage coordination and collaboration between state and federal regulators; and oppose legislative or regulatory changes that would further restrict the role of state securities regulators and the U.S. Securities and Exchange Commission in capital formation.
The agenda also outlines specific priority requests for Congressional action. For example, NASAA is calling on Congress to empower state and federal securities regulators to obtain better data on and for our capital markets. This will help close existing data gaps and support better policy outcomes for businesses, investors, and taxpayers.
The agenda development was spearheaded by NASAA’s Federal Legislation Committee, chaired by Claire McHenry, NASAA President-Elect and Deputy Director of the Nebraska Department of Banking and Finance Bureau of Securities.
“State securities regulators are on the frontlines of making our securities markets safer, more efficient, and more inclusive. We welcome opportunities to engage and work with Congress and others in continuing our longstanding efforts to advance each of these important goals,” McHenry said.