Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
The bill bars the Securities and Exchange Commission (SEC) from requiring personally identifiable information (PII) in consolidated audit trail (CAT) reporting under 17 C.F.R. §242.613(c)(7). It defines PII (name, address, birth date/year, SSN, phone, email, IP address) and permits the SEC to request such data only for investigations or enforcement related to Federal securities laws.
Progressives emphasize enforcement and investigation impairment
Narrow, technical privacy measure with no cost increases; likely to attract bipartisan support but could meet regulatory pushback.
The bill bars the Securities and Exchange Commission (SEC) from requiring personally identifiable information (PII) in consolidated audit trail (CAT) reporting under 17 C.F.R. §242.613(c)(7).
It defines PII (name, address, birth date/year, SSN, phone, email, IP address) and permits the SEC to request such data only for investigations or enforcement related to Federal securities laws.
Exchanges or members must produce requested PII within 24 hours unless a reasonable extension is granted.
Limited scope and bipartisan-appeal features improve prospects, but agency resistance and concerns about enforcement effectiveness create friction.
How solid the drafting looks.
Progressives emphasize enforcement and investigation impairment
These are examples from the analysis, not a ranked list of the most-affected groups.
Progressives emphasize enforcement and investigation impairment
Supports stronger investor privacy but worries the prohibition could weaken market surveillance and enforcement.
Concerned the one-day destruction requirement is impractical and may conflict with evidence preservation.
Would prefer privacy protections paired with clear, enforceable procedures for investigations and oversight.
Sees a reasonable goal balancing privacy and enforcement but notes practical and legal tradeoffs.
Wants clearer definitions and operational rules for requests, retention, and destruction.
Likely to support if amendments address feasibility and evidentiary requirements.
Favorable: reduces SEC authority to collect sensitive investor data and limits federal data accumulation.
Views the investigative exception and short retention requirement as adequate checks.
Sees the bill as protecting privacy and curbing regulatory overreach.
Reached or meaningfully advanced
Reached or meaningfully advanced
Still ahead
Still ahead
Still ahead
Limited scope and bipartisan-appeal features improve prospects, but agency resistance and concerns about enforcement effectiveness create friction.
The bill has not accumulated any surfaced votes yet.
Progressives emphasize enforcement and investigation impairment
Limited scope and bipartisan-appeal features improve prospects, but agency resistance and concerns about enforcement effectiveness create f…
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