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WASHINGTON, D.C. – The American Securities Association (ASA) today applauded Attorney General Tim Griffin leading 23 state attorneys general in filing an amicus brief with the United States Court of Appeals for the Eleventh Circuit opposing the Consolidated Audit Trail (CAT) adopted by the U.S. Securities and Exchange Commission (SEC).
“The SEC wants Americans to believe that it’s capable of securing a massive new database containing personal information about every single person who has a 401(k) or buys stock. But the SEC has a long history of failing to secure its computer systems. Indeed, just this year, its X (formerly Twitter) account was hacked, creating market chaos,” said Arkansas Attorney General Tim Griffin. “That’s why I led a group of 23 attorneys general in filing an amicus brief supporting a challenge to that database, which Congress never authorized.”
Other states joining Arkansas in the amicus brief include Alabama, Florida, Georgia, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Montana, Nebraska, New Hampshire, North Dakota, Ohio, South Carolina, South Dakota, Texas, Utah, Virginia, and West Virginia.
Read the attorneys general amicus brief here.
Additionally, ASA welcomes the filing of amicus briefs by the Securities Industry and Financial Markets Association (SIFMA), the Managed Funds Association (MFA), the New Civil Liberties Alliance (NCLA), and the Cato Institute & Investor Choice Advocates Network.
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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.