Rep. Lisa McClain, a Republican from Michigan, introduced the Restoring Accountability in Market Supervision (RAMS) Act to bring changes to U.S. capital markets regulation. The proposed legislation aims to shift rulemaking, examination, and enforcement authority from the Financial Industry Regulatory Authority (FINRA) to the Securities and Exchange Commission (SEC).
McClain expressed concerns over FINRA’s current role and called for increased transparency and oversight. She stated, “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.”
Additionally, McClain emphasized the necessity of congressional intervention. “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.
