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Washington, D.C. — Senator Tom Cotton (R-Arkansas), Senate Banking Committee Chairman Tim Scott (R-South Carolina), and House Financial Services Committee Chairman French Hill (Arkansas-02) sent a letter to Acting Chairman of The Securities and Exchange Commission Mark Uyeda to launch a comprehensive review of all aspects of the Consolidated Audit Trail.
Additional signers of the letter included Senator Boozman (R-Arkansas), Senator Bill Hagerty (R-Tennessee), Senator John Kennedy (R-Louisiana), Congressman Bill Huizenga (Michigan-04), Congresswoman Ann Wagner (Missouri-02), and Congressman Barry Loudermilk (Georgia-11).
In part, the lawmakers wrote:
“The prohibition on collecting investor PII must be formally codified (rather than via rescindable exemptive relief) and already-collected PII must be expunged. Cybersecurity measures for the remaining data must be enhanced. And the CAT’s bloated out-of-control budget must be addressed... . Further, it would appear appropriate for the Commission to pause and reconsider its position with respect to ongoing litigation related to the CAT, as it has done for other cases commenced during the Biden administration.”
Full text of the letter may be found here
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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.
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