ASA Releases Comments on Financial Threats to American Families

WASHINGTON – The American Securities Association (ASA) today released comments submitted to the House Financial Services Committee ahead of a hearing entitled "Fraud in Focus: Exposing Financial Threats to American Families."

"ASA applauds Chairman Hill and the Financial Services Committee for taking the lead to examine the ongoing threat of fraud that American households and investors face every day, especially the rise in AI-generated fraud and the use of those schemes by the Chinese Communist Party and other nefarious state actors," said ASA President and CEO Chris Iacovella. “What the country needs now is for American businesses and the American government to work together to protect the financial system and the privacy rights of every American who uses it.”

In its letter to the Committee, ASA highlighted the risk of AI-generated fraud and how the private sector can collaborate more effectively with the government to protect every American.

"Businesses should be incentivized to report fraud to regulatory bodies because this aligns with corporate responsibility and contributes to a more transparent and trustworthy business environment," Iacovella wrote. "Unfortunately, all too often, this type of outreach has been seen by the enforcement division as a chance to scrutinize regulated entities and results in multiple documentation requests by the SEC and minor penalties for alleged supervisory infractions."

To read ASA's full letter to the Committee, click 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.