ASA Statement on Russian Cyber Hack Into Federal Agencies

Foreign hackers have once again breached our government at the highest levels, and yet, the SEC remains tone deaf to the privacy and data security concerns of Americans across the country.

WASHINGTON – Following a cyber breach at federal agencies including the Treasury and Commerce Departments, the American Securities Association (ASA) once again called on the Securities and Exchange Commission (SEC) to end the collection of retail investor personal and financial data through its Consolidated Audit Trail (CAT) database.

“Foreign hackers have once again breached our government at the highest levels, and yet, the SEC remains tone deaf to the privacy and data security concerns of Americans across the country,” said ASA CEO Chris Iacovella. “This massive breach is the final wake-up call for the SEC to do the right thing before the personal and financial data of every American investor is stolen by hackers. We proudly stand up for the privacy rights of every American investor and we will continue to mobilize the American people through our My Data My Vote nationwide grassroots movement to stop this absurd policy.”

Earlier this month, ASA sent a comment letter to the SEC highlighting how collecting this unprecedented amount of data will cause extraordinary harm to American investors while achieving minimal regulatory benefits.

In May, ASA filed a lawsuit—first announced in a Wall Street Journal op-ed—against the SEC to protect American investor privacy and launched MyDataMyVote.com, a nationwide grassroots movement mobilizing all Americans to help stop the collection of retail investor data. ASA withdrew its lawsuit after the SEC issued a request for public comment, allowing the American people to make their voices heard.

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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/.