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ASA Statement Ahead of Financial Services Hearing on Import of Global Governance Financial Regulation



WASHINGTON, D.C. – The American Securities Association (ASA), in advance of today’s U.S. House Committee on Financial Services hearing, released the following statement from ASA President & CEO Chris Iacovella on global financial regulation affecting U.S. capital markets and financial system:

 

“ASA is concerned about U.S. regulators implementing the policies of global organizations. These policies are negotiated by unelected bureaucrats and agreed to without any congressional input. International organizations cannot be allowed to make policy that impacts U.S. capital markets, small businesses, families, and millions of Americans saving for retirement. This Committee must reassert its authority in this area by requiring U.S. regulatory agencies to submit every international agreement they enter into to Congress for public debate and an up or down vote. The Constitution requires the American People to be governed by our elected Representatives, not international elites.”

 

In January 2024, ASA submitted comments to the Federal Reserve, FDIC, and OCC on the proposed implementation of the Basel Committee’s capital reform rulemaking and detailed how the regulation would impact the liquidity of U.S. municipal bond markets.

 

In May 2023, ASA sent a letter to Congress urging Members to provide relief from the EU’s Markets in Financial Instruments Directive (MiFID II) regulation impacting U.S. capital markets and broker-dealers.

 

 

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About the American Securities Association

 

American Securities Association, based in Washington, DC, 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.

 

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