McClain Introduces Bill to End FINRA’s Lack of Accountability and Transparency

WASHINGTON – Rep. Lisa McClain (R-Mich.) introduced the Restoring Accountability in Market Supervision (RAMS) Act to restore transparency, public accountability, and congressional oversight to U.S. capital markets regulation. The bill transfers the rulemaking, examination, and enforcement authority held by the Financial Industry Regulatory Authority (FINRA) to the Securities and Exchange Commission. “FINRA has drifted far from its intended purpose of safeguarding investors and ensuring fairness in financial markets. This bill puts the power back where it belongs—with a federal agency that is subject to congressional appropriations and oversight. It’s past time for Congress to put an end to FINRA’s abuse of its authority. We must restore regulatory integrity and accountability for the American people,” McClain said . Read the full bill text here .