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Reauthorization of the Government Securities Act

In order to achieve adequate investor protection in the government securities market, the Government Finance Officers Association (GFOA) supports federal legislation amending the Government Securities Act (GSA) to include sales practice rules for government securities dealers. The Association supports the adoption of sales practice rules that are appropriately similar to those in other regulated securities markets. The GFOA further recommends the granting of explicit enforcement authority to bank and non-bank regulators including self-regulatory organizations (SROs) and a meaningful role for the Securities and Exchange Commission. A sunset provision should be included in the Government Securities Act to provide an opportunity to review the rules and the regulatory structure.

Adopted: June 4, 1991