Protecting Investors’ Personally Identifiable Information Act
Summary
What This Bill Does
The bill limits the information the Securities and Exchange Commission may compel national securities exchanges, national securities associations, and their members to submit for consolidated audit trail reports under 17 CFR 242.613(c)(7). It protects a specified list of market participants' personal identifiers: names, addresses, birth dates, Social Security and taxpayer-identification numbers, financial-account and driver's-license numbers, alien-registration numbers, telephone and email details, Internet Protocol addresses, and biometric data. The reported text replaces the introduced bill's open-ended definition of identifying or linkable information with this enumerated list and drops its reference to successor regulations. The restriction governs the SEC's collection requirement; it does not abolish the audit trail, excuse non-identifying order data, or require deletion of previously collected records.
Who Benefits and How
Individual securities investors benefit from reduced compulsory transmission of sensitive identifiers into the consolidated audit trail, lowering exposure if those records are misused or breached. Securities broker-dealers, national exchanges, and securities associations gain relief from supplying the listed data fields for this reporting requirement. Firms may still maintain identification records for other legal or business purposes.
Who Bears the Burden and How
SEC market-surveillance staff lose authority to demand these identifiers through the cited audit trail rule and may face greater difficulty connecting trading records with particular people. Consolidated audit trail administrators must adapt reporting specifications and data-handling practices. The enumerated definition leaves investors less certain protection for unlisted combinations of data than the introduced bill's broad linkability standard.
Key Provisions
- Prohibits SEC-mandated personal-identifier submission for consolidated audit trail orders and reportable events.
- Protects twelve listed categories of identifying information, including account numbers and biometric data.
- Modifies the introduced open-ended linkability definition to an enumerated list and removes successor-regulation wording.
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
Prohibit the SEC from requiring specified personal identifiers in consolidated audit trail order and event reports.
Key Policy Areas
Financial Services, Privacy
Primary Purpose
Prohibit the SEC from requiring specified personal identifiers in consolidated audit trail order and event reports.
Policy Domains
Protecting Investors’ Personally Identifiable Information Act
Identified Gains
- Individual securities account users
- Securities broker-dealer compliance staff
- National securities exchange administrators
Identified Costs
- Securities and Exchange Commission surveillance staff
- Consolidated audit trail administrators
Sponsors
Legislative Progress
ReportedPlaced on the Union Calendar, Calendar No. 687.
Reported (Amended) by the Committee on Financial Services. H. Rept. …
Additional sponsors: Mr. Nunn of Iowa and Mr. Downing
Reported with an amendment, committed to the Committee of the …
Ordered to be Reported (Amended) by the Yeas and Nays: …
Committee Consideration and Mark-up Session Held
Mr. Loudermilk (for himself, Mrs. Wagner, Mr. Meuser, and Mr. …
Referred to the House Committee on Financial Services.
Introduced in House
Stakeholder Effects
cui bono?How this legislation distributes effects. Mention counts reflect frequency, not effect magnitude.
Individual securities investors, Investors whose unlisted data can identify them, Investors with biometric identifiers
Positive-direction: Individual securities investors, Investors with biometric identifiers, Investors with financial account identifiers
Negative-direction: Investors whose unlisted data can identify them
National securities exchanges, Securities broker-dealers
Securities and Exchange Commission reporting-rule staff, Securities and Exchange Commission surveillance staff
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "the_commission"
- → Securities and Exchange Commission
- "reporting_entities"
- → National securities exchanges, national securities associations, and their members
Key Definitions
Terms defined in this bill
The enumerated identifiers in section 2, including names, contact details, identification and account numbers, IP addresses, and biometric data.
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology