IV 

116TH CONGRESS 

1ST SESSION H. RES. 456 

Emphasizing the importance of grassroots investor protection and the investor 

education missions of State and Federal securities regulators, calling 

on the Securities and Exchange Commission to collaborate with State 

securities regulators in the protection of investors, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JUNE 21, 2019 

Ms. PRESSLEY (for herself and Mr. HUIZENGA) submitted the following 

resolution; which was referred to the Committee on Financial Services 

RESOLUTION 

Emphasizing the importance of grassroots investor protection 

and the investor education missions of State and Federal 

securities regulators, calling on the Securities and Exchange Commission to collaborate with State securities 

regulators in the protection of investors, and for other 

purposes. 

Whereas State securities regulators are the original pioneers 

of regulating the United States capital markets and have 

protected investors during times of boom and bust, from 

ticker tape to the block-chain; 

Whereas State securities regulators founded the North American Securities Administrators Association (NASAA) as a 


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•HRES 456 IH 

voluntary association in 1919, 8 years after the first securities laws were enacted in Kansas in 1911; 

Whereas NASAA’s membership in 2019 includes securities 

administrators in the 50 States, the District of Columbia, 

Puerto Rico, the U.S. Virgin Islands, Canada, and Mexico; 

Whereas the fundamental mission of the State securities regulators is protecting investors who transact in securities 

and receive investment advice, and their jurisdiction extends to a wide variety of issuers and intermediaries who 

offer and sell securities to the public; 

Whereas State securities regulators are leaders in civil and 

administrative enforcement actions, as well as criminal 

prosecutions of securities violators; 

Whereas State securities regulators 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; 

Whereas State securities regulators independently and within 

the framework of NASAA have also devised innovative 

ways for small companies to raise investment capital; 

Whereas State securities regulators independently and within 

the framework of NASAA conduct investor education 

programs throughout the United States, providing important information to main street Americans on investing 

for a secure future and avoiding scams; and 

Whereas State securities regulators are known for their accessibility and accountability to the investing public and 


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•HRES 456 IH 

have been willing to push the envelope when it comes to 

protecting investors: Now, therefore, be it 

1 Resolved, That the House of Representatives— 

2 (1) emphasizes the longstanding role of State 

3 securities regulators in maintaining investor protec4 tion and vibrant capital markets in the United 

5 States; 

6 (2) supports the efforts of State securities regu7 lators to educate investors throughout the United 

8 States; 

9 (3) supports the efforts of State securities regu10 lators to promote responsible and efficient capital 

11 formation for the benefit of small businesses and in12 vestors throughout the United States; 

13 (4) urges State securities regulators to continue 

14 working independently and within the voluntary 

15 framework of NASAA to protect and educate inves16 tors and promote capital formation; and 

17 (5) urges the Securities and Exchange Commis18 sion to maintain and expand voluntary collaboration 

19 with State securities regulators in the interest of the 

20 investing public. 

Æ 


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