•  
  •  
 

Abstract

On October 11, 1996, President Clinton signed into law the National Securities Markets Improvement Act of 1996 ("NSMIA), a compromise version of Senate Bill 1815 and House Resolution 3005. Spearheaded by Senator Alfonse D'Amato (R-New York), the legislation is intended, among other things, to delineate the sphere in which federal and state securities regulators may operate by amending various federal securities laws. In what appears to be a precursor of future securities reform bills, the NSMIA preempts state securities law in certain areas long burdened by duplicative regulation by both federal and state governments. The NSMIA enjoyed widespread bipartisan support, passing by unanimous consent in the Senate, and 407 to eight in the House of Representatives. However uncontroversial the NSMIA appeared to Congress, it has revived the decades-old debate between supporters and detractors of the dual regulatory scheme for securities sales in the United States.

Share

COinS