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  • Writer's pictureASA Newsroom

ASA Statement on Oversight of SEC Ahead of House Financial Services Committee Hearing

WASHINGTON, D.C. – The American Securities Association (ASA) released the following statement from President & CEO Chris Iacovella ahead of U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler’s testimony before the House Committee on Financial Services:

“Over the last two years, we have seen an ideological takeover of our markets that is making things worse for America’s small businesses, retirement savers, and working families. Adopting multiple rules that impact every corner of our markets in such a short window could also end up causing the very market failure the SEC is supposed to prevent,” said ASA President & CEO Chris Iacovella. “From the Commission’s failure to protect investors’ privacy on the CAT to its de facto ban on the industry’s use of technology to interact with retail investors, this SEC’s anti-investor approach is deeply concerning and requires intense scrutiny by Congress.”

Consolidated Audit Trail (CAT): ASA remains concerned about the SEC’s collection of personal and financial information (PII) within the Consolidated Audit Trail. ASA has been at the forefront of advocacy in the industry and Members of Congress, to remove retail investor PII from the CAT. We thank U.S. Senator John Kennedy (R-LA) and Congressman Barry Loudermilk (R-GA) for introducing the Protecting Investors’ Personally Identifiable Information Act.

ASA Board Members Warren Stephens, President & CEO of Stephens, and Paul C. Reilly, Chairman & CEO of Raymond James, published an op-ed in The Wall Street Journal regarding the SEC’s collection of American investors’ PII on the CAT.

Predictive Data Analytics: ASA believes it’s critical to increase investor protection and the safety and soundness of U.S. capital markets. Yet, the Commission’s Predictive Data Analytics Proposal is outright hostile to the use of technology. ASA, joining financial services and business trade associations, believes the SEC’s definition of what is a “covered technology” is likely to operate as a ban on the use of technology, harming competition in the markets and investors. Additionally, the Commission lacks statutory authority to adopt these rules.

Cumulative Impact of Rule Changes: ASA has significant concerns with the SEC’s “fast-tracking” of its agenda, limiting public comment periods and shortcutting economic analysis of rules as required by the Administrative Procedure Act. ASA President & CEO Chris Iacovella penned an op-ed published highlighting The True Cost of the SEC’s Regulatory Overreach.

In April 2023, ASA sent a letter to the full House Financial Services Committee in advance of SEC Chairman Gary Gensler’s testimony on the Agency’s regulatory developments, rulemakings, and activities.


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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