Members of Congress, State AGs and Leading Free-Market Organizations File Amicus Brief Supporting ASA's Challenge to CAT

WASHINGTON – The American Securities Association (ASA) today welcomed the filing of four amicus curiae briefs in support of its challenge, with Citadel Securities, to the Securities and Exchange Commission's (SEC) Consolidated Audit Trail (CAT) funding order. The briefs were submitted to the United States Court of Appeals for the Eleventh Circuit by leading Members of Congress, State Attorneys General, the Cato Institute, and the American Free Enterprise Chamber of Commerce, urging the Court to vacate the SEC's revised CAT funding order.

"The SEC's Consolidated Audit Trail is the most sweeping financial surveillance scheme in American history, and it was built without a single vote in Congress authorizing it," said ASA President and CEO Chris Iacovella. "We thank Senate Banking Chairman Tim Scott, House Financial Services Chairman French Hill, leading State Attorneys General, the Cato Institute, and the American Free Enterprise Chamber of Commerce for supporting us and standing up for every American investor’s constitutional right to privacy."

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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.