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ASA Statement Ahead of House Financial Services Hearing on Curbing CCP Access to American Investment



WASHINGTON, D.C. – The American Securities Association (ASA), in advance of today’s U.S. House Committee on Financial Services National Security, Illicit Finance, and International Financial Institutions Subcommittee hearing, sent a letter to Subcommittee Chairman Blaine Luetkemeyer (R-MO) and Ranking Member Joyce Beatty (D-OH) urging Congress to end China’s exploitation of U.S. and global financial markets.

 

“For several years, the ASA has been the only financial services trade association calling for Congress and the Executive to take immediate action to stop American businesses and households from financing China’s military industrial complex, cyber army, and gross human rights abuses,” said Chris Iacovella President & CEO of the American Securities Association. “Whether it’s sanctions, targeting entire sectors, or prohibiting investment in China A-Shares, Congress must use every tool at its disposal to combat the danger posed by an adversary that refuses to play by the rules of the international world order.”

 

Read the American Securities Association’s full letter to the Subcommittee here

 

Earlier this month, ASA President & CEO Chris Iacovella contributed to the Heritage Foundation’s 2024 China Transparency Report.

 

In December 2023, ASA applauded the House Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party’s adoption of nearly 150 policy recommendations in a bipartisan report that outlines a strategy to fundamentally reset the United States' economic and technological competition with the People's Republic of China.

 

In May 2023, the ASA submitted testimony before the House Select Committee on the Chinese Communist Party detailing and examining policies the U.S. must adopt to counter the economic aggression posed by China.

 

In February 2023, ASA submitted written testimony for the record in advance of the U.S. House Financial Services Committee hearing on “Combatting the Economic Threat from China.”

 

In June 2021, ASA’s Iacovella penned an op-ed in The Epoch Times highlighting the concerning relationship Wall Street has with Chinese markets and participants.

 

 

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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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