The Legislation Committee spearheads the PMA’s efforts to advocate for the precious metals retail industry in state and federal legislative bodies. The PMA’s Board of Directors sets annual goals and agendas for the Committee to pursue in an effort to raise awareness of the industry’s needs and operations, to track and lobby on relevant legislation, and to educate Members on pending or new legislation of import to the precious metals retail industry. The Committee also seeks to interface with other relevant stakeholders and policy makers.
The Legislation Committee strives to be aware and provide notice of any state and federal legislative developments with the assistance of the PMA's lobbying firm in Washington, D.C.
The PMA will be highly active in the public policy arena in Washington, DC. With ONE VOICE, the PMA will pro-actively engage legislative and regulatory leaders at the U.S. federal government level on all matters involving the buying and selling of precious metals.
In 2021, the PMA’s main Washington mission will be to have U.S. regulatory officials, members of Congress, industry stakeholders, and opinion leaders (news media) view and involve the PMA as the industry experts and standard on matters involving precious metals.
In recent years, federal regulatory bodies with jurisdiction over precious metals have become more visible and active in enforcement matters. And, until now, there has been no industry association that these regulatory agencies can work with, reply upon, and trust to offer unvarnished facts, provide real-word and on-the ground experience, and to collaborate with on new rules, regulations, and laws governing our industry.
The PMA will fill that void and offer industry experts to legislative and regulatory officials tasked with oversight of our industry.
The PMA will now have a seat at the table when crucial discussions are underway on how best to promulgate and enforce rules without overly interfering in precious metals commerce.
The PMA will open channels and begin to engage in a substantive manner with the two main regulatory bodies with oversight of our industry:
- Commodities Futures Trading Commission (CFTC), an independent agency that regulates the U.S. derivatives markets and has precious metals jurisdiction.
- Securities and Exchange Commission (SEC), an independent agency that holds primary responsibility for enforcing and regulating the securities industry.
The PMA will become a resource to Capitol Hill, key Members of Congress, and the legislative committees with oversight of the precious metals industry including:
- U.S. Senate Committee on Banking
- U.S. Senate Committee on Agriculture
- U.S. Senate Committee on Finance (Trade)
- U.S. House Committee on Financial Services
- U.S. House Committee on Agriculture
- U.S. House Committee on Ways and Mean (Trade)
- State and local organizations
The PMA will offer its expertise to other state and local organizations with a hand in precious metals regulation including:
- The North American Securities Administrators Association (NASAA) an association of state securities administrators who are charged with the responsibility to protect consumers who purchase securities or investment and to ensure the integrity of the financial markets
- The National Association of Attorneys General (NAAG) is an organization of 56 state and territorial attorneys general in the United States and works to foster interstate cooperation on legal and law enforcement issues, to conduct policy research and analysis of issues, and facilitate communication between the states' chief legal officers and all levels of government.
When needed, the PMA will engage on the state level too, following a similar blueprint as that of our activities on the federal level, but specifically pinpointing legislation and regulation in the state capitols.
On matters involving federal oversight of the precious metals industry, the PMA will work with journalists and media outlets to express the industry’s views through news releases and op-eds.
The Chair of this Committee is John Ohanesian of Lear Capital, Inc.