ASA Statement on Pipeline Hack

Congress should respond to the pipeline hack by quickly passing the Protecting Investors’ Personally Identifiable Information Act

WASHINGTON – Following a massive disruptive cyber hack on the Colonial Pipeline, the American Securities Association (ASA) today called on the Biden Administration to stop the collection of retail investor personal and financial information by the Securities and Exchange Commission’s (SEC) Consolidated Audit Trail (CAT) database. “We agree with the Biden Administration, the pipeline hack is a reminder of the cyber threats our nation and federal government faces each day. Yet, the SEC’s CAT database is a sitting duck in Washington for hackers from Russia and China to target and harm Americans,” said ASA CEO Chris Iacovella. “Congress should respond to the pipeline hack by quickly passing the Protecting Investors’ Personally Identifiable Information Act, sponsored by Senator Kennedy and Rep. Loudermilk, before it’s too late.” In January, ASA sent a letter to the SEC strongly opposing an attempt by Exchanges to disclaim liability when the CAT database is breached. Following a massive cyber breach at federal agencies including the Treasury and Commerce Departments, ASA once again called on the SEC to end the CAT’s collection of retail investor personal and financial information. ASA also sent a comment letter to the SEC highlighting how collecting this unprecedented amount of information will cause extraordinary harm to American investors while achieving minimal regulatory benefits. Last May, ASA filed a lawsuit—first announced in a Wall Street Journal op-ed—against the SEC to protect American investor privacy and launched MyDataMyVote.com, a nationwide grassroots movement mobilizing all Americans to help stop the collection of retail investor data. ASA withdrew its lawsuit after the SEC issued a request for public comment, allowing the American people to make their voices heard.

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ASA’s regional financial services companies work in communities across the country to create jobs, grow the economy, and increase prosperity for all Americans. The ASA exclusively represents the capital market and private client interests of its members and seeks to promote free market principles making it easier to access financial advice and capital. ASA members help Americans save for retirement, provide Main Street businesses with capital to grow, and advise hardworking Americans how to create and preserve wealth. For the latest updates follow @AmerSecurities and learn more at http://americansecurities.org/.