Press Release: ASA Statement on SEC Oversight Hearing

WASHINGTON – Ahead of today’s House Financial Services Committee hearing on oversight of the Securities and Exchange Commission (SEC), the American Securities Association (ASA) once again called on policymakers to better protect all American investors from identity theft.

“ASA applauds Chairman Clayton for taking historic action to champion small business capital formation and improve the corporate governance process to encourage more companies to go public and help more American retail investors and retirement savers share in our country’s economic success,” said ASA CEO Chris Iacovella. “Chairman Clayton can further solidify his investor-first legacy at today’s hearing by halting the SEC’s planned collection of retail investor personally identifiable information (PII) through the Consolidated Audit Trail database. Collecting any amount of retail investor PII will put investors at risk for identity theft and create a one-stop shop for cyber criminals.”

“The Committee should use today’s hearing to conduct proper oversight, not play politics on Regulation Best Interest—the most significant enhancement of investor protections since 1934. Now is the time to recognize this rule sets a national standard and not cheer the states on to creating a patchwork of unworkable local regulations that will directly harm investors.”

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ASA’s regional financial services companies work in communities across the country to create jobs, grow the economy, and increase prosperity for all Americans. The ASA exclusively represents the capital market and private client interests of its members and seeks to promote free market principles making it easier to access financial advice and capital. ASA members help Americans save for retirement, provide Main Street businesses with capital to grow, and advise hardworking Americans how to create and preserve wealth. For the latest updates follow @AmerSecurities and learn more at http://americansecurities.org/.