ASA Statement on SEC Nomination Hearing

The SEC needs Commissioners who will stand up for the privacy rights of every mom-and-pop American investor and end the CAT’s unprecedented collection of their PII.

WASHINGTON – Ahead of today’s Senate Banking Committee hearing to consider the nominations of Hester Peirce and Caroline Crenshaw to the Securities and Exchange Commission (SEC), the American Securities Association (ASA) called on the nominees to protect America’s retail investors from identity theft and safeguard their right to privacy by stopping the collection of any of their personally identifiable information (PII) by the Consolidated Audit Trail (CAT) database.

“ASA congratulates both women on their nomination to serve on the Commission,” said ASA CEO Chris Iacovella. “The SEC needs Commissioners who will stand up for the privacy rights of every mom-and-pop American investor and end the CAT’s unprecedented collection of their personal and financial information. A commitment to ending the collection of all retail investor PII by the CAT is necessary for these nominations to move forward.”

In May, the ASA filed a lawsuit against the SEC to protect American investor privacy and launched MyDataMyVote.com to mobilize all American investors to help stop the collection of their most sensitive personal information. ASA CEO Iacovella first outlined the lawsuit in a Wall Street Journal op-ed.

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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/.