WASHINGTON, D.C. – The American Securities Association (ASA) today issued the following statement from President & CEO Chris Iacovella on the introduction of the Protecting Innovation in Investment Act by U.S. Senate. Commerce, Science, and Technology Committee Ranking Member Ted Cruz (R-TX) and Senator Bill Hagerty (R-TN), member of the U.S. Senate Banking, Housing, and Urban Affairs Committee.
“The American Securities Association applauds Senator Cruz and Senator Hagerty’s introduction of legislation that would prohibit the SEC from finalizing, implementing, or enforcing the Commission’s Predictive Data Analytics Proposal," said Chris Iacovella, President & CEO of the American Securities Association. “The SEC’s policy ignores existing regulations governing the broker-dealer/customer relationship, is an attack on the use of technology, and if adopted, would harm millions of America’s retail investors.”
The Protecting Innovation in Investment Act would prevent the U.S. Securities and Exchange Commission (SEC) from finalizing, implementing, or enforcing the Commission’s Predictive Data Analytics Rule Proposal.
In September 2023, ASA joined numerous financial services and business trade associations raising concerns with the SEC’s Proposal and calling on the Commission to withdraw its Proposal.
In October 2023, ASA submitted a comment letter to the SEC noting the Proposal would undermine Regulation Best Interest (Reg BI), illustrates the Commission’s continued war on technology, and is unlawful as it lacks Congressional authorization.
Read more about the Protecting Innovation in Investment Act here.
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.