Hon. Michael G. Oxley: “I rise in support of the Real-time Investor Protection Act and would like to commend my good friend from Arizona, Mr.…”

“I rise in support of the Real-time Investor Protection Act and would like to commend my good friend from Arizona, Mr. Shadegg, for his excellent work on this important legislation. Informed investors are critical to our Nation's markets. Ready access to complete information about securities firms and brokers is critical to informing investors and building investor confidence. NASD, the self-regulatory organization for broker-dealers, has been providing this information to the public since 1990 when Congress mandated that NASD make relevant portions of the information available to the public without charge through a toll-free telephone number. At the time, the telephone was the easiest and most convenient solution. However, investors today have embraced the Internet as their preferred means of obtaining information. Therefore NASD seeks to use the Internet to disseminate this information. Investors want and need online access to disclosure of information to assist them in deciding whether to do business with a securities firm or broker. When Congress mandated that NASD release this information, it accorded NASD immunity form liability for the release of such information to the public--recognizing that the disclosure of key information about securities firms and brokers is a critical part of NASD's regulatory and investor protection mission.”