ASA Statement on Senate Banking SEC Oversight Hearing

WASHINGTON, D.C. – Today, the American Securities Association (ASA) welcomed the Senate Banking Committee’s oversight hearing with the U.S. Securities and Exchange Commission (SEC) and Chairman Gary Gensler.

“While we appreciate the SEC’s recent efforts to protect American investors from Chinese companies that won’t comply with U.S. laws, we remain concerned the SEC has no capital formation agenda and continues to prioritize rules that will increase costs for the capital markets and the economy,”ASA CEO Chris Iacovella said.

In 2021, ASA provided the SEC and Congress with recommendations that would help small and startup businesses raise capital, improve the regulatory environment for small public companies, and increase opportunities for investors.

“The SEC should be a champion for helping small businesses raise capital, and if the SEC won’t carry out its mission, then we call on Congress to do it for them. We appreciate Chairman Brown and Ranking Member Toomey for holding today’s hearing and look forward to the SEC getting back on track,”Iacovella said.

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