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WASHINGTON, DC – The American Securities Association (ASA) today issued the following statement from President & CEO Chris Iacovella on the U.S. Securities and Exchange Commission (SEC) rulemakings, finalizing its proposed rule enhancing climate-related disclosures provided by public companies and expanding the scope of entities subject to Rule 605 of Regulation NMS.
“This rule shows that the Gensler SEC is anti-investor and pro-Wall Street as Main Street investors are once again left holding the tab for the costs of another illegal scheme. The rule exceeds the agency’s lawful authority and does nothing but force companies to disclose information that is not material. Importantly, the rule fails to quantify how it will impact global temperatures, the cost of food for those that are hungry, or access to heat for those who are freezing. This scheme does achieve one objective; it forces an enormous transfer of wealth from working families and savers to the ESG professional class whose elites will reap windfall profits from the rule,” said ASA President & CEO Chris Iacovella.
“The ASA supports the Commission’s market structure rulemaking amending Rule 605. Reforming Rule 605 will help investors better understand the quality of execution for each trade they make, which should lead to more efficient outcomes for everyone in the market.”
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About the American Securities Association
American Securities Association, based in Washington, DC, 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.