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ASA Statement on SEC Chair House Financial Services Testimony

Today’s hearing is also a good time to assess policies at the Commission that can be improved to make our markets safer for every American investor.

WASHINGTON – Ahead of today’s House Financial Services Committee hearing featuring Securities and Exchange Commission (SEC) Chairman Clayton, the American Securities Association (ASA) called on the SEC and Congress to protect the privacy of American investors and ensure only registered and regulated actors can sell securities in our marketplace.

“ASA appreciates Chairman Clayton’s independent leadership at the SEC and his efforts to prioritize small business capital formation, adopt and implement Reg BI, and modernize the corporate governance process,” said ASA CEO Chris Iacovella. “Today’s hearing is also a good time to assess policies at the Commission that can be improved to make our markets safer for every American investor.”

“On the Consolidated Audit Trail database, we take no pleasure in suing our regulator, and we didn’t come to that decision lightly, but we are proud to stand up for the privacy rights of mom-and-pop investors across America and spearhead our My Data My Vote grassroots movement,” Iacovella continued. “It’s time for the Commission to do the right thing and protect every American investor’s right to privacy by ending the collection of all of their personally identifiable information.”

“As the country battles the COVID-19 pandemic, broker-dealers have continued to serve municipalities of all sizes and maintained their critical role of providing liquidity to cities and communities across America. But alarmingly and without any due process, the SEC recently put its finger on the scales of the municipal market to enact a deregulatory order allowing unregistered firms without any capital to act as broker-dealers, essentially picking winners and losers. We urge the Committee to stand up for investor protection and hold the SEC accountable to the laws Congress adopted, including the Exchange Act and the Administrative Procedure Act.”


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


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