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  • Writer's pictureASA Newsroom

ASA Statement Ahead of Financial Services Hearing on SEC Enforcement

WASHINGTON, D.C. – The American Securities Association (ASA), in advance of today’s U.S. House Committee on Financial Services Capital Markets Subcommittee hearing, released the following statement from ASA President & CEO Chris Iacovella urging Congress to continue its examination of the U.S. Securities and Exchange Commission’s (SEC) Enforcement Division agenda and establish reforms enhancing due process efforts and transparency within the Commission.


“ASA commends the House Financial Services Capital Markets Subcommittee for holding a hearing to examine the enforcement practices of the SEC,” said ASA President & CEO Chris Iacovella. “In previous Administrations, the SEC’s enforcement practices have never been partisan. Unfortunately, the same cannot be said about this SEC. From failing to protect basic due process rights of American citizens through its in-house legal process, to imposing massive corporate “taxes” for minor record keeping violations during COVID, to being sanctioned by federal judges in crypto cases, the public is now questioning the SEC’s Enforcement Division. The trust of all market participants is necessary for the SEC’s enforcement program to be effective and credible, and we support congressional scrutiny into how this SEC has used its enforcement powers. Enacting lasting reforms to these processes, beginning with the impactful legislation at the heart of today’s hearing, is essential.”


ASA strongly supports numerous legislative proposals examining the SEC’s enforcement agenda, including H.R. 6695- the Due Process Restoration Act and legislation to repeal the SEC’s “gag order” policy.




About the American Securities Association


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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