Scott, Cotton, Colleagues Urge Review of Consolidated Audit Trail
Washington, D.C. – Senate Banking Committee Chairman Tim Scott (R-S.C.) joined Senator Tom Cotton (R-Ark.) and House Financial Services Committee Chairman French Hill (R-Ark.) in a letter to Acting Chairman of the Securities and Exchange Commission Mark Uyeda urging him to launch a comprehensive review of all aspects of the Consolidated Audit Trail.
Banking Committee Republicans Senators John Kennedy (R-La.) and Bill Hagerty (R-Tenn.) joined the letter. Senator John Boozman (R-Ark.), Congressman Bill Huizenga (R-Mich.), Congresswoman Ann Wagner (R-Mo.), and Congressman Barry Loudermilk (R-Ga.) also signed on.
In the letter, Chairman Scott and his colleagues wrote, “The prohibition on collecting investor PII must be formally codified (rather than via rescindable exemptive relief) and already-collected PII must be expunged. Cybersecurity measures for the remaining data must be enhanced. And the CAT’s bloated out-of-control budget must be addressed...Further, it would appear appropriate for the Commission to pause and reconsider its position with respect to ongoing litigation related to the CAT, as it has done for other cases commenced during the Biden administration.”
To read the full letter, click here.
BACKGROUND:
In September 2024, then-Ranking Member Scott joined Senator Tom Cotton (R-Ark.) and his colleagues in a letter to then-SEC Chairman Gary Gensler calling for the immediate suspension of the recently effective rule filings tied to the Consolidated Audit Trail (CAT). The letter warned that the SEC’s decision to allow these fillings to proceed without proper oversight is an affront to investors and endangers the impartiality of the judicial process.
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