Press Release: ASA Applauds Congressional Action to Protect Main Street Investors From Identity Theft
WASHINGTON – The American Securities Association (ASA) today applauded a group of senior Members of the House Financial Services Committee for sending a letter to the U.S. Securities and Exchange Commission (SEC) urging the Commission not to collect retail investor personally identifiable information (PII) through the Consolidated Audit Trail’s (CAT) new government database. The letter, led by Rep. Barry Loudermilk (R-GA), was signed by Rep. French Hill (R-AR), Rep. Bill Huizenga (R-MI), Rep. Ted Budd (R-NC), and Rep. Warren Davidson (R-OH).
“America’s Main Street investors overwhelmingly oppose sending their personal information to a new government database ripe for identity theft, hacking, and data manipulation,” said ASA CEO Chris Iacovella. “By taking action today, these Members are doing the right thing to protect their constituents from identity theft and are true champions for all American investors. We look forward to working with Congress and the SEC to better surveil the market by getting the CAT up and running without collecting retail investor PII. Contrary to a misleading narrative, the cost of putting American investors at risk is far greater than the benefits of collecting PII, and it’s not necessary for the CAT to do its job.”
ASA has been at the forefront of advocacy to remove retail investor PII from the CAT. To read our recent letter to the SEC expressing data and privacy concerns, click here. To read our recent letter to the Senate Banking Committee, click here. To view a Morning Consult poll showing an overwhelming majority of American investors oppose sending their personal information to the CAT, click here.