NAIFA strongly supports newly introduced legislation, the Protecting Innovation in Investment Act sponsored by U.S. Senate Commerce Committee Ranking Member Ted Cruz (R-Texas) and U.S. Senator Bill Hagerty (R-Tenn.), that would foster the use of technology and innovation in the financial services industry to benefit consumers. 

The bill would block a Securities and Exchange Commission proposed rule that would place new burdensome requirements on broker-dealers and investment advisers using a wide variety of investments-related technology. 

A press release issued by the Senators says the proposed law "would prevent the SEC from finalizing, implementing, or enforcing its rule or any rule that is substantially similar. This straightforward, commonsense solution will protect Americans’ ability to participate in the financial markets and build wealth by keeping barriers to entry low and cost-effective." The release goes on to acknowledge NAIFA by name as a supporter of the measure.

NAIFA previously submitted comments to the SEC and signed on to coalition letters asking the Commission to withdraw the proposed rule.