The House of Representatives wants the SEC to work more closely with state securities regulators, according to news reports.
Rep. Ayanna Pressley, D-Mass., a member of the House Financial Services Committee, introduced the bipartisan resolution in June to honor the 100th anniversary of the North American Securities Administrators Association, WealthManagement.com writes.
In particularly, the resolution “urges the Securities and Exchange Commission to maintain and expand voluntary collaboration with State securities regulators in the interest of the investing public.”
The House passed the resolution earlier this week, according to the web publication.
The same month Pressley introduced the resolution, the SEC approved its overhaul of investment advisor and broker conduct rules, known as Regulation Best Interest. Critics of the SEC’s rules package — including prominent state securities regulators such as Massachusetts Secretary of the Commonwealth William Galvin — say it doesn’t go far enough to protect investors. And several states, including Massachusetts, New York, Nevada, New Jersey and Connecticut, are working on their own versions of state-level fiduciary rules.
“Over the last 100 years, state securities regulators in Massachusetts have played a crucial role in protecting and educating American investors,” Pressley says in a statement accompanying the resolution, according to WealthManagement.com. “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.”