ASA Calls on Congress to Pass the TIER Act

WASHINGTON – The American Securities Association (ASA) today called on Congress to pass the Tailoring and Indexing Regulations (TIER) Act, a bill sponsored by Rep. Andy Barr (R-KY), which would modernize regulation by indexing bank asset tailoring thresholds to reflect economic growth.

"ASA applauds Rep. Barr for championing the TIER Act, a pragmatic bill that helps end Washington's arbitrary and outdated one-size-fits-all regulatory approach to bank supervision. The TIER Act is focused on helping America's Main Street banks compete, drive economic growth, and expand opportunities in their communities," said ASA President and CEO Chris Iacovella. "We look forward to working with Congressional leadership to get this bill to the President's desk."

The TIER Act passed the House Financial Services Committee on a 33-19 vote.

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The American Securities Association (ASA) represents the retail and institutional capital markets interests of regional financial services firms who provide Main Street businesses with access to capital and advise hardworking Americans how to create and preserve wealth. ASA’s mission is to promote trust and confidence among investors, facilitate capital formation, and support efficient and competitively balanced capital markets. This mission advances financial independence, stimulates job creation, and increases prosperity. The ASA has a geographically diverse membership of almost one hundred members that spans the Heartland, Southwest, Southeast, Atlantic, and Pacific Northwest regions of the United States.