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ASA Statement Ahead of Financial Services Hearing on SEC Overreach



WASHINGTON, D.C. – The American Securities Association (ASA), in advance of today’s U.S. House Committee on Financial Services Capital Markets Subcommittee hearing, sent a letter to Subcommittee Chairwoman Ann Wagner (R-MO) and Ranking Member Brad Sherman (D-CA) urging Congress to continue its examination of the U.S. Securities and Exchange Commission’s (SEC) regulatory agenda and establish further guardrails for the Commission.

 

“Over the last three years, this SEC has shown a blatant disregard for constitutional principles, congressional authority, and judicial oversight. It has undertaken the most aggressive and unauthorized regulatory agenda in modern history. It has been sanctioned by a federal court for a “gross abuse of power.” It has misled Congress about control deficiencies in its enforcement division, and the legality of its rulemakings have been challenged in court so many times we have lost count,” said Chris Iacovella, ASA President & CEO. “Collectively, this has done significant damage to the public’s trust and confidence in the agency. If Congress does not do something to retake its power from the SEC, then it risks being limited to sending letters that go unanswered and complaining about policies it did not authorize. That scenario is not what the framers envisioned when they crafted the threenot four, branches of government power under our Constitution.”

 

Read the American Securities Association’s letter here.

 

ASA strongly supports numerous legislative proposals examining the SEC’s regulatory agenda, including H.R. 4551- the Protecting Investors’ Personally Identifiable Information Act and H.R. 7902- the Protecting Private Job Creators Act.

 

In July 2023, ASA applauded the bicameral introduction of the Protecting Investors’ Personally Identifiable Information Act by U.S. Senator John Kennedy (R-LA) and Congressman Barry Loudermilk (R-GA). The legislation would prohibit the SEC from requiring market participants to submit investors’ personally identifiable information to the Consolidated Audit Trail.

 

In January 2024, ASA applauded the bicameral introduction of the Protecting Private Job Creators Act by U.S. Senator Bill Hagerty (R-TN) and Congressman Alex Mooney (R-WV). The legislation would exempt fixed-income securities from Rule 15c2-11 compliance.

 

 

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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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