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.

Mr. Speaker, I move to suspend the rules and agree to the resolution (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.

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks on this legislation and to insert extraneous material thereon.

Mr. Speaker, I yield myself such time as I may consume.

Mr. Speaker, I want to thank Representative Pressley and Representative Huizenga for bringing H. Res. 456 to the floor, a bipartisan resolution that highlights the importance of our State securities regulators to protecting investors. This year commemorates the 100th anniversary of the North American Securities Administrators Association, the oldest international investor protection organization with a membership consisting of 67 State, provincial, and territorial securities regulators in the 50 States, the District of Columbia, the U.S. Virgin Islands, Puerto Rico, Canada, and Mexico.

The primary mission of both State securities regulators and NASAA is to protect and advocate for the protection of investors, especially the most vulnerable investors, like our Nation's seniors, who may lack the expertise, experience, and resources to protect their own interests.

These grassroots regulators are often the first line of defense against investment fraud and often respond to emerging frauds and investment scams before they are detected at the Federal level.

In 2017 alone, State securities regulators conducted nearly 4,790 investigations, leading to more than 2,100 enforcement actions, including 255 criminal prosecutions. These actions have

resulted in approximately $486 million in restitution for harmed investors, nearly $79 million in fines and/or penalties, and 1,985 years in incarceration or probation being ordered.

In addition, in 2017, NASAA's U.S. member jurisdictions reported bringing formal enforcement actions involving more than 1,100 senior victims, illustrating their unwavering commitment to protecting senior investors.

NASAA also engages and collaborates with Congress to promote Federal laws to improve protections for senior investors. For example, in 2018, we worked with NASAA to pass the Senior Safe Act, which was inspired by a training program developed by NASAA in partnership with the Maine Council for Elder Abuse Prevention. The Senior Safe Act addresses barriers that financial professionals face in reporting suspected senior financial exploitation or abuse to authorities.

NASAA also collaborated with us on the Senior Security Act, which passed the House with broad, bipartisan support in April. That bill would, among other things, require the SEC to work across divisions and with the State securities regulators to ensure that seniors are not subject to financial exploitation.

I strongly support our State securities regulators, and I urge my colleagues to join me in supporting this resolution.

Mr. Speaker, I reserve the balance of my time.

Mr. Speaker, I yield as much time as she may consume to the gentlewoman from Massachusetts (Ms. Pressley), the sponsor of H. Res. 456.

Mr. Speaker, I yield myself the balance of my time.

Mr. Speaker, this important resolution demonstrates that our Federal form of government serves us well. Both Federal and State authorities have important roles to play, and this is certainly true in the securities arena.

I congratulate my colleagues from Massachusetts and Michigan for bringing this bipartisan bill before the House.

Mr. Speaker, I urge my colleagues to join me in supporting this important piece of legislation, and I yield back the balance of my time.

Mr. Speaker, I rise today in support of H. Res. 456 that recognizes the importance of grassroot investor protection and the investor education missions of State and Federal securities regulators. Additionally, this important resolution calls on the Securities and Exchange Commission to collaborate and work with State securities regulators to protect investors.

Over a century ago, a group of state securities regulators had the idea to form a network of colleagues to work together for the protection of investors throughout North America. Shortly thereafter, the North American Securities Administrators Association (``NASAA'') was formed in 1919. This year, 2019, marks their 100th anniversary.

The primary mission of both state securities regulators and NASAA is to protect and advocate for the protection of investors, especially the most vulnerable who lack the expertise, experience, and resources to protect their own interests.

NASAA members accomplish their mission through the vigorous enforcement of their respective civil and criminal securities laws. While the securities markets are global, securities are sold locally. NASAA members are often the first line of defense against investment fraud in their jurisdictions. Moreover, because states are ``grass roots'' regulators, they often respond to emerging frauds and investment scams before they are detected at the federal level.

NASAA also plays an important role in investor education, which is one of the best measures in preventing investment fraud. NASAA members have developed a wide array of specialized community outreach programs to educate investors in their jurisdictions.

Most state securities regulators have established investor education departments or divisions within their agencies. The result is an effective network of dedicated professionals delivering unbiased, relevant, and free investor education programs in local communities throughout North America. These professionals can be found educating investors in the classroom, at the workplace, and at senior centers. NASAA members work hard to reach out to people who otherwise would not be able to readily access such information.

For the past 15 years, NASAA has compiled and released an annual list of top 10 investment scams, schemes, and scandals to alert investors to increasingly complex and confusing investment fraud.

Another important part of NASAA's mission is to help with capital formation. To that end, state securities regulators often work with and assist local businesses that seek capital investment. Small businesses are the lifeblood of our economy. NASAA members help facilitate a healthy small business economy that increases growth, investment, and job creation.

In my home state of Michigan, NASAA members have worked tirelessly to become a leading voice for improving investment education, protected investors by utilizing securities enforcement, and helped build stronger communities by assisting in capital formation projects.

Today, NASAA is the oldest international investor protection organization with a membership consisting of 67 state, provincial, and territorial securities regulators in the 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico, Canada, and Mexico.

I want to congratulate NASAA on their first 100 years and look forward to their work continuing for many years ahead. I urge passage of this resolution acknowledging the superb work of this outstanding organization.

Mr. Speaker, I thank Chairwoman Waters for her vigilance and her steadfast leadership in continuing to bring people together across the aisle on issues of consequence to the American people and always putting consumer protection at the center of that. I also thank my colleague, Representative Huizenga, for his partnership.

Mr. Speaker, I rise today in support of my resolution, which highlights the important role that State securities regulators play in strengthening the financial services industry.

The 2008 economic crisis devastated American families everywhere. But, as we watched the unemployment skyrocket, home values plummet, and credit disappear, it became clear that the impact of the crisis hit harder for some. Black families that had only just begun to build wealth through homeownership watched everything they had worked for disappear.

And although the recovery has been similarly unequal, it is critical to recognize those on the front lines protecting the investments of working families and small businesses alike.

The North American Securities Administrators Association, NASAA, comprised of securities administrators from all 50 States, are champions for stronger investor protections and diligent oversight.

My home State of Massachusetts was the first to require the registration of some securities, helping to lay the groundwork for other State models that would serve as the foundation for future Federal securities law.

As the world's oldest international investor protection organization, NASAA has remained vigilant in its policing of securities trading, securing over $486 million in restitution to victims of investment fraud in 2017 alone.

NASAA's work with AARP helps protect seniors from the troubling upward trends in elder financial abuse. Additionally, they continue to work with medical professionals on ways to identify seniors at risk of financial abuse.

NASAA's efforts to spread retirement best practices can help empower families with the knowledge to invest wisely for generations to come.

My resolution recognizes 100 years of excellence in investor protection and encourages continued cooperation between local, State, and Federal regulators to ensure 100 more.

Mr. Speaker, I encourage my colleagues to support my resolution.

Mr. Speaker, I yield myself such time as I may consume.

Mr. Speaker, I, too, rise in support of H. Res. 456.

Mr. Speaker, I thank my colleagues, Congresswoman Pressley and Congressman Huizenga, for their work on this bipartisan resolution.

More often than not, discussions in the Financial Services Committee are about the Securities and Exchange Commission, as it is the primary Federal regulatory agency for the U.S. securities markets.

However, State securities regulators also play an important and complementary role in grassroots investor protection, investor education, and facilitating capital formation.

H. Res. 456 highlights the important investor protection missions of State and Federal securities regulators. The resolution also encourages the continued collaboration between the SEC and State securities regulators.

American capital markets provide an avenue for mom-and-pop investors and retail investors to achieve the American Dream and grow their nest egg for retirement, for their child's college tuition, or to buy a home. Protecting investors, ensuring the integrity of our capital markets, and promoting capital formation are goals that we all can stand behind.

This resolution recognizes the important role State securities regulators play on each of these fronts.

Mr. Speaker, I urge my colleagues to support H. Res. 456, and I reserve the balance of my time.

Mr. Speaker, once again, I appreciate the work of Ms. Pressley, and I yield back the balance of my time.