ASA Applauds House Financial Services Leadership Letter to SEC Chairman Atkins Outlining CAT Concerns

WASHINGTON – The American Securities Association (ASA) today applauded House Financial Services Committee leadership for sending a letter to U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins outlining longstanding concerns with the Consolidated Audit Trail (CAT).

"ASA applauds Chairman Hill, Capital Markets Subcommittee Chair Wagner, and Rep. Loudermilk for continuing to raise concerns over the CAT's multi-billion-dollar American investor surveillance scheme," said ASA President and CEO Chris Iacovella. "We support Chairman Atkins' pledge to complete a comprehensive review of the CAT, and we are hopeful it will end the invasion of American investors' privacy once and for all."

As the Committee noted in its press release, "the Members commend Chairman Atkins for steps already taken to limit the collection of sensitive data, reduce unnecessary costs, and initiate a comprehensive review of the CAT. They urge the SEC to codify these reforms and recommend deferring approval of any new CAT funding model until the review is complete and its findings are shared with Congress. The Members also request a clear timeline and regular briefings on the review’s progress, emphasizing the importance of mitigating privacy, security, and governance concerns for all Americans."

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The American Securities Association (ASA) represents the retail and institutional capital markets interests of regional financial services firms who provide Main Street businesses with access to capital and advise hardworking Americans how to create and preserve wealth. ASA’s mission is to promote trust and confidence among investors, facilitate capital formation, and support efficient and competitively balanced capital markets. This mission advances financial independence, stimulates job creation, and increases prosperity. The ASA has a geographically diverse membership of almost one hundred members that spans the Heartland, Southwest, Southeast, Atlantic, and Pacific Northwest regions of the United States.