A coalition of Main Street investment banks and securities dealers has formed a new association to represent their interests.

The American Securities Association will advance the business, market, regulatory and legislative interests of American middle-market and regional investment banks and securities dealers, according to a news release. The group will function as an umbrella organization for the Bond Dealers of America, which for more than eight years has represented the interests of fixed-income firms, and the newly launched Equity Dealers of America.

"Washington's one-size-fits-all approach to industry regulation disproportionately harms our ability to drive economic recovery and job creation, which is vital to the regions we serve, and surely is not the intended purpose," said Curt Bradbury, COO of Stephens Inc. and the inaugural chair of ASA. "To remedy this, the ASA brings together the highest level of industry leadership who share a vision for proscriptive change."

No executive staff has been announced for ADA, but the group said that Chris Iacovella has been appointed CEO of the EDA. He most recently worked as senior director of global government affairs, strategy and public policy, at Bloomberg L.P. http://bit.ly/1S18eEo

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