ASA Outlines Policies to End China’s Exploitation of American Financial Markets

WASHINGTON – Ahead of a Financial Services Committee hearing to examine steps the United States should take to counter the ongoing threat from the Chinese Communist Party (CCP), the American Securities Association (ASA) sent a letter to Committee leadership outlining policy reforms needed to end China’s exploitation of America’s financial markets. 

“ASA has been the leading trade association calling on policymakers to put an end to China’s exploitation of our financial markets,” said ASA President and CEO Chris Iacovella. “Congress must end the CCP’s use of our capital markets as a piggy bank to fund its cyber armies and military-industrial complex.”

In the letter, ASA called on Congress to prohibit the collection of retail investor personal and financial identifiable information (PII) under the SEC’s consolidated audit trail (CAT). ASA also called for closing the “passive index loophole”, which permits U.S. funds to direct American investor dollars to mainland Chinese companies via emerging markets or similar index funds.

To read ASA’s full letter, click here.

###

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.