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WASHINGTON – The American Securities Association (ASA) today announced its support for Senator Mike Lee’s (R-UT) recently introduced Saving Privacy Act, a bill to end government surveillance of Americans’ financial information, including a key provision to repeal the Securities and Exchange Commission’s (SEC) Consolidated Audit Trail (CAT) database.
“ASA applauds Senator Mike Lee and Senator Rick Scott for taking the lead to protect the Constitution and defend the privacy rights of every American,” said ASA President and CEO Chris Iacovella. ”For far too long, the administrative state and its unelected bureaucrats have continued to erode the fundamental constitutional freedoms afforded to America’s working families, small business owners, and retirees. Senator Lee’s comprehensive legislation puts an end to that overreach, and we strongly support it."
Key Provisions of the Saving Privacy Act:
Repeals the Bank Secrecy Act’s SAR and CTR reporting requirements while maintaining recordkeeping provisions.
Repeals the Corporate Transparency Act.
Strengthens Fourth Amendment protections, bolstering warrant requirements in the Right to Financial Privacy Act of 1978.
Repeals the SEC’s Consolidated Audit Trail (CAT) database.
Requires congressional approval for any new databases that collect personally identifiable information of U.S. citizens.
Prohibits the creation of a Central Bank Digital Currency.
Requires congressional authorization for financial regulations deemed major rules.
Institutes penalties for federal employees who illegally seek constitutionally protected financial information.
Establishes a private right of action for Americans and financial institutions harmed by illicit government activity.
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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.