Cotton Leads Colleagues in Court Challenge to Fight Investor Surveillance Scheme

FOR IMMEDIATE RELEASE
Contact: Hannah McCarthy (202) 465-5601
May 29, 2026

Cotton Leads Colleagues in Court Challenge to Fight Investor Surveillance Scheme

Washington, D.C. - Senator Tom Cotton (R-Arkansas), joined by 11 colleagues, filed an amicus brief in American Securities Association and Citadel Securities vs. SEC in the Eleventh Circuit Court of Appeals, challenging the Securities and Exchange Commission's (SEC) authority to create and fund the Consolidated Audit Trail (CAT). The CAT is a vast new surveillance system that tracks the entire American securities market and every investor in it - including anyone with a retirement account - without any suggestion of wrongdoing.

"The SEC gave itself a surveillance database on the backs of American investors and never bothered to ask Congress. That's not how the Constitution works. It is time to end it," said Senator Cotton.

The amicus brief may be found here.

The brief is also signed by:

Sen. Tim Scott (R-South Carolina)
Sen. Bill Hagerty (R-Tennessee)
Sen. John Kennedy (R-Louisiana)

Rep. French Hill (Arkansas-02)
Rep. Don Bacon (Nebraska-02)
Rep. Troy Downing (Montana-02)
Rep. Scott Fitzgerald (Wisconsin-05)
Rep. Barry Loudermilk (Georgia-11)
Rep. Marlin Stutzman (Indiana-03)
Rep. Randy Weber (Texas-14)
Rep. Steve Womack (Arkansas-03)

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