ASA Applauds Introduction of Bipartisan Bill to Prohibit CCP-Tied Firms From Registering With the SEC

WASHINGTON – The American Securities Association (ASA) today applauded introduction of a bipartisan bill sponsored by Reps. Lawler (R-NY) and Gottheimer (D-NJ) aimed at protecting U.S. financial markets and investors from entities tied to the Chinese Communist Party (CCP). ASA's support was featured in the official press release from Rep. Lawler announcing the legislation. 

"ASA applauds Reps. Lawler and Gottheimer for their leadership in introducing the PRC Broker-Dealers and Investment Advisers Moratorium Act. This bill ensures Communist China cannot exploit American investors, our capital markets, or our national security interests,” said ASA President and CEO Chris Iacovella.

The PRC Broker-Dealers and Investment Advisers Moratorium Act, puts a temporary stop on financial companies organized under PRC law, controlled by PRC entities, and dependent on PRC-based service providers from operating in U.S. markets until regulators can be sure they don’t pose risks to Americans. By doing so, people’s personal financial information is protected, foreign government‑linked firms are prevented from accessing U.S. investor data, and a loophole is closed in which China blocks American companies, but Chinese firms can freely operate here. 

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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.