ASA Applauds Introduction of Protecting Investors’ Personally Identifiable Information Act

WASHINGTON – The American Securities Association (ASA) today applauded bicameral introduction of the Protecting Investors’ Personally Identifiable Information Act, legislation to protect American investors by prohibiting the Securities and Exchange Commission (SEC) from requiring brokers to submit investors’ personally identifiable information to its Consolidated Audit Trail (CAT). The companion bill was introduced in the Senate by Sen. Kennedy (R-LA) and in the House by Rep. Loudermilk (R-GA).

“Senator Kennedy is a true champion for the American people and we applaud his bill to stop the federal government from collecting individual investors’ personal and financial information in a national registry, which is a sitting duck for hackers. The SEC can conduct responsible oversight of our equity markets without collecting the most sensitive personal information of working families, retirees, and savers,” said ASA President and CEO Chris Iacovella. 

“The SEC’s national registry makes every American investor and retirement saver’s personal and financial information an easy target for Russian and Chinese hackers,” said ASA President and CEO Chris Iacovella. “We thank Congressman Loudermilk for his leadership and for standing up to protect America’s mom-and-pop investors and removing the personal and financial information of American investors from the SEC’s Consolidated Audit Trail.”

ASA has been the leading advocacy organization calling on the SEC to end the collection of PII. ASA was featured in both Senator Kennedy and Representative Loudermilk’s press releases introducing the companion bill. In January, ASA sent a letter to the SEC calling to end the collection of PII by the CAT national registry. Following ASA’s letter, the SEC provided an exemption from the requirement to report certain PII to the CAT. The Protecting Investors’ Personally Identifiable Information Act codifies this exemption into law.

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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.