NASS adopts resolution, cites Stanford report

by Wally Northway

Published: February 3,2010

Tags: inevesting, ponzi scheme, Secretary of State, stocks and bonds

JACKSON — The National Association of Secretaries of State (NASS) has adopted a resolution proposed by the secretaries of state in Mississippi and Nevada that calls for the need for securities reform and uses the Stanford Financial Executive Report to supplement its findings. The resolution will be sent to each member of Congress for possible legislative action.

“In drafting the Stanford Financial executive report for submission to NASS, we hoped to bring securities issues our State and our citizens encountered during the Stanford Financial crisis to a national audience,” said Mississippi Secretary of State Delbert Hosemann. “We hope Congress will support what has now been adopted by the secretaries of state of all 50 states and pass important securities legislation to protect all citizens.”

The NASS resolution states, in part: “…NASS members believe the…regulation by state and federal regulators has been hampered by preemption and lack of federal cooperation and has not worked effectively to protect investors, provide market integrity and strengthen our securities markets as reported in the Stanford Financial executive report submitted by the secretary of state of Nevada and the secretary of state of Mississippi…”

Hosemann serves as co-chair with Ross Miller, secretary of state of Nevada on the Securities Committee of NASS.

A hearing was held in Jackson Oct. 5, 2009, and testimony at that hearing provided the basis for the Stanford Financial executive report. The NASS Securities committee unanimously passed the proposed resolution by Miller and Hosemann. It was then brought before the general membership and passed by the entire organization Feb. 1.

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