New Association To Serve As Voice For ‘Main Street’ Investment Banks
The American Securities Association will work to create an even playing field for all sizes of investment banks and securities dealers.
There’s a new association to protect the interests of midsized and regional investment banks and securities dealers.
The American Securities Association formed late last month to serve as a voice and leadership platform for the investment banks, broker dealers, banks, and wealth managers that serve “Main Street.”
The new group will focus on federal regulations imposed after the financial crisis of 2008 that some small and midsized firms believe create undue burdens for them.
“Washington’s one-size-fits-all approach to industry regulation disproportionately harms our ability to drive economic recovery and job creation, which is vital to the regions we serve, and surely is not the intended purpose,” Curt Bradbury, inaugural chair of ASA, said in a statement. “To remedy this, the ASA brings together the highest-level of industry leadership who share a vision for proscriptive change.”
ASA will serve as an umbrella organization for the existing Bond Dealers of America, which represents fixed income dealers, and the newly formed Equity Dealers of America, a trade association that will work on equity-specific issues relevant to midsize and regional investment banks and securities dealers.
According to Investment News, Main Street investment banks have complained about additional regulatory burdens imposed after the crisis in 2008, especially given the fact that it was big banks that were responsible for the subprime mortgage crisis that led to the economic downturn.
“Our members did not create the crisis, nor do we pose systemic risk to U.S. markets or the American economy,” ASA states in its mission. “We seek differentiated regulation, which appropriately takes into account a financial firm’s size, business model, and economic risk.”
The group hopes that with a level playing field, its members can better spur economic growth in towns and cities throughout the United States.