NASS adopts resolution, cites Stanford report
Published: February 3,2010
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.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Jackson’s Landmark Center slated for mixed-use conversion
- ANITA MODAK-TRURAN — Mississippi’s motion picture renaissance
- WRESTLING SUCCESS — Ted DiBiase Jr. leaves ring to become entrepreneur
- Race to the pump: Feds appear ready to beat state on new gas taxes
- Senate transportation chair seeks emergency money for roads, bridges
- Irby commits suicide after wife's prison release
- Nehi Bottling Company has been a Cleveland fixture for 85 years
- Challenging times ahead for Pearl’s manufactured home residents, apartment complex owners
- 3 dozen groups OK'd for Miss. specialty car tags