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The CAT is a sitting duck that makes every American investor and retirement saver’s data privacy an easy target for Chinese hackers.
WASHINGTON – The American Securities Association (ASA) applauded a bill introduced today by Senator John Kennedy (R-LA), a member of the Senate Banking Committee, to remove retail investor personal and financial information (PII) from the Securities and Exchange Commission’s (SEC) Consolidated Audit Trail (CAT) database.
“The CAT is a sitting duck that makes every American investor and retirement saver’s data privacy an easy target for Chinese hackers,” said ASA CEO Chris Iacovella. “We thank Senator Kennedy for his leadership in protecting America’s mom-and-pop investors by introducing this important legislation to remove their personal and financial information from the CAT.”
Senator Kennedy’s bill follows companion legislation recently introduced by House Financial Services Committee member Rep. Barry Loudermilk (R-GA) and co-sponsored by members of the Committee.
In January, ASA sent a letter to the SEC strongly opposing an attempt by self-regulatory organizations (SROs) to disclaim liability when the CAT database is breached. Following a massive cyber breach at federal agencies including the Treasury and Commerce Departments ASA once again called on the SEC to end the CAT’s collection of retail investor personal and financial data. ASA also sent a comment letter to the SEC highlighting how collecting this unprecedented amount of data will cause extraordinary harm to American investors while achieving minimal regulatory benefits.
Last May, ASA filed a lawsuit—first announced in a Wall Street Journal op-ed—against the SEC to protect American investor privacy and launched MyDataMyVote.com, a nationwide grassroots movement mobilizing all Americans to help stop the collection of retail investor data. ASA withdrew its lawsuit after the SEC issued a request for public comment, allowing the American people to make their voices heard.
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ASA’s regional financial services companies work in communities across the country to create jobs, grow the economy, and increase prosperity for all Americans. The ASA exclusively represents the capital market and private client interests of its members and seeks to promote free market principles making it easier to access financial advice and capital. ASA members help Americans save for retirement, provide Main Street businesses with capital to grow, and advise hardworking Americans how to create and preserve wealth. For the latest updates follow @AmerSecurities and learn more at http://americansecurities.org/.