1. United States
2. Texas
3. Letter

I am writing to express my strong objection to the policy rider included in the Financial Services and General Government Appropriations Bill, 2025, which prohibits the Securities and Exchange Commission (SEC) from implementing the Consolidated Audit Trail (CAT). This rider poses a significant threat to the integrity and transparency of the U.S. stock market, which are essential for maintaining investor confidence and protecting the interests of ordinary Americans. The Consolidated Audit Trail is a comprehensive tracking system designed to collect and analyze data on every order, cancellation, modification, and trade execution for all exchange-listed equities and options across U.S. markets. The CAT's primary purpose is to enhance regulatory oversight by providing the SEC and other regulatory bodies with a detailed, real-time view of market activity. This data is crucial in identifying and preventing abusive and manipulative trading practices, such as naked short selling and other forms of market manipulation that have historically undermined the fairness and stability of our financial markets. By impeding the SEC's ability to implement the CAT, the policy rider effectively strips regulators of a vital tool necessary for safeguarding market integrity. Without the CAT, it becomes exceedingly difficult to detect and address suspicious trading activities in a timely and effective manner. This not only exposes investors to potential harm but also erodes trust in the financial system as a whole. As a concerned constituent and an advocate for fair and transparent markets, I urge you to oppose the inclusion of this harmful rider in the appropriations bill. The implementation of the Consolidated Audit Trail is a critical step towards ensuring that our financial markets operate with the highest standards of integrity and accountability. I respectfully request that you take immediate action to remove this provision from the bill and support measures that enhance, rather than undermine, the regulatory framework designed to protect investors and maintain the stability of our financial markets. Thank you for your attention to this urgent matter. I look forward to your prompt response and to seeing your commitment to protecting the interests of all market participants.