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ASA Sends Letter to Senate Appropriations on SEC’s Budget Request




WASHINGTON – The American Securities Association (ASA) today sent a letter ahead of a Senate Appropriations Financial Services and General Government (FSGG) hearing with Securities and Exchange Commission (SEC) Chair Gary Gensler to examine the SEC’s fiscal year 2025 budget request.

“The ASA urges Congress to use every tool at its disposal – including the appropriations process – to hold the SEC accountable and re-focus the SEC on its mission of protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation,” ASA President and CEO Chris Iacovella wrote in the letter. “Over the last three years, the SEC has veered far from this mission and has severely damaged the public’s trust in what has historically been a highly respected federal agency.”

As the Senate Appropriations Committee considers the FSGG legislation, the ASA recommends that the following provisions be included:

 

  1. A prohibition against the SEC collecting the personal and financial information of every American retail investor (PII) by the SEC’s consolidated audit trail (CAT).

  2. A requirement that the SEC provide to Congress a detailed analysis of how it determines fine amounts for its enforcement sweeps. ASA recently filed a lawsuit against the SEC for refusing to comply with a Freedom of Information Act request that would give the public transparency into how the SEC determines its fines.

  3. A requirement that the SEC provide Congress with a comprehensive report detailing the financial resources expended and staff hours dedicated to formulating, finalizing, and litigating its sweeping regulatory agenda.


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


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American Securities Association, based in Washington, DC, 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.

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