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WASHINGTON, D.C. – The American Securities Association (ASA) today issued the following statement from President & CEO Chris Iacovella on the reintroduction of the Protecting Investors’ Personally Identifiable Information Act:
“We commend Senator John Kennedy (R-LA) and Congressman Barry Loudermilk (R-GA) for reintroducing the Protecting Investors’ Personally Identifiable Information Act, which would prohibit the Securities and Exchange Commission's (SEC) collection of American investors’ personal and financial identifiable information (PII) by the Consolidated Audit Trail (CAT).
“The biggest cyberthreat facing American investors today is the unprecedented and dangerous collection of their personal and financial information by a centralized database that will become the target for cybercriminals and state-sponsored hackers from Russia and China.”
ASA was quoted in press releases by both Senator Kennedy and Congressman Loudermilk.
Introduced by U.S. Senator John Kennedy (R-LA) and cosponsored by Sens. John Boozman (R-AR), Jerry Moran (R-KS), Tom Cotton (R-AR), Steve Daines (R-MT), Katie Britt (R-AL), Mike Rounds (R-SD) and Tommy Tuberville (R-AL) in the Senate, S. 2230- the Protecting Investors’ Personally Identifiable Information Act would prohibit the SEC from requiring market participants to submit investors’ personally identifiable information to the CAT. Under the legislation, the SEC can obtain personally identifiable information related to investors only by requesting it on a case-by-case basis. Companies and investors trading on the U.S. stock exchanges would need to fulfill the SEC’s request for this information within 24 hours, though additional time may be requested.
Congressman Barry Loudermilk introduced H.R. 4551- the Protecting Investors’ Personally Identifiable Information Act in the U.S. House of Representatives joined by cosponsors Reps. French Hill (R-AR), Bill Huizenga (R-MI), Ann Wagner (R-MO), Dan Meuser (R-PA), Young Kim (R-CA), and Zach Nunn (R-IA).
In May 2020, ASA launched MyDataMyVote.com, a nationwide grassroots movement mobilizing all Americans to help stop the collection of retail investor data.
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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.