ASA to Congress: End the CAT's Mass Surveillance and Restore SEC Accountability

WASHINGTON – The American Securities Association (ASA) submitted a letter to House Financial Services Committee leadership ahead of today's markup, expressing support for four measures aimed at protecting investors, restoring regulatory accountability at the Securities and Exchange Commission (SEC), and strengthening America's capital markets.

"The Supreme Court this week dealt the administrative state its biggest blow in 90 years by overturning Humphrey's Executor. It's Congress's turn — end the CAT's mass surveillance of American investors, restore accountability at the SEC, and return government to the people," said ASA President and CEO Chris Iacovella.

ASA's letter expressed strong support for H.R. 1483, the Protecting Investors' Personally Identifiable Information Act, sponsored by Rep. Barry Loudermilk, which would end the CAT's collection of Americans' personal and financial information; H.R. 9329, the SEC Reform and Restructuring Act, sponsored by Rep. Ann Wagner, which would codify cost-benefit discipline at the SEC and transfer the functions of the PCAOB into the Commission; H.R. 9331, the Strengthening Transaction Oversight and Preventing (STOP) Payments Fraud Act of 2026, sponsored by Rep. Young Kim, which would protect financial institutions from liability when they withhold funds on suspicion of fraud or exploitation; and the Resolution to Reauthorize the Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity, which will continue to address structural vulnerabilities in the Treasury market.

To read ASA's full letter, click here.

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The American Securities Association (ASA) 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.