ASA Supports Gensler SEC Nomination
Mr. Gensler will be a strong, independent voice for America’s working families, retirees, and savers who invest in our markets for a better future.
WASHINGTON – The American Securities Association (ASA) today sent a letter to the Senate Banking Committee supporting the nomination of Gary Gensler to be Chairman of the U.S. Securities and Exchange Commission (SEC).
“It is our hope and expectation that Mr. Gensler will be a strong, independent voice for America’s working families, retirees, and savers who invest in our markets for a better future,” said ASA CEO Chris Iacovella.
“I have personally known Mr. Gensler for over ten years, and I worked very closely with him on the implementation of the Dodd-Frank Act while we both served the American public at the U.S. Commodity Futures Trading Commission. While he is a person of immense intellectual acumen, he is also pragmatic, reasonable, and open to listening to all points of view as he develops policy. I have always found him to be honest and forthright in our discussions and very eager to engage in a constructive way on the specifics of highly detailed policies that impact our capital markets. For these reasons, the ASA supports his nomination.”
In the letter, ASA outlined its desire to work with Mr. Gensler on several issues critical to maintaining confidence in our capital markets, including:
Protecting the personal information of retail investors by eliminating the collection of their personally identifiable information (PII) by the Consolidated Audit Trail (CAT);
Maintaining Regulation Best Interest (Reg BI) as the national standard of care for broker-dealers when providing investment advice;
Holding Wall Street accountable by examining whether “naked” short selling is happening, reviewing stock lending practices, and proposing reforms to Reg SHO;
Developing and implementing a capital formation agenda that increases participation and access for all Americans while helping small and middle market businesses raise capital they need to grow and create jobs;
Implementation of the Holding Foreign Companies Accountable Act to prohibit U.S. listings of fraudulent companies controlled by the Chinese Communist Party (CCP); and
Working together on disclosure, investor choice, and bond classification related to environmental, social and governance matters for public companies.
To read the full letter, click here.
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/.