To prohibit the Securities and Exchange Commission from requiring that personally identifiable information be collected under consolidated audit trail reporting requirements, and for other purposes.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does: This bill stops the Securities and Exchange Commission (SEC) from making national stock exchanges or their members collect personal information like names, addresses, or Social Security numbers for tracking trades.
Who Benefits and How:
- Investors: They don't have to worry about their personal info being collected and shared more than necessary.
- Stock Exchanges and Members: They're relieved of the burden of collecting and storing sensitive investor data.
Who Bears the Burden and How:
- SEC: They might face criticism for not having access to all relevant information for tracking trades, which could potentially hinder their ability to detect fraud or market manipulation.
- Taxpayers: While there's no direct cost mentioned in the bill, any additional resources needed by the SEC to adapt to these changes could indirectly affect taxpayers.
Key Provisions:
- The SEC can't require personal info like names, addresses, or Social Security numbers for tracking trades.
- This change applies to national stock exchanges and their members.
- The bill doesn't prevent the SEC from collecting other types of information needed for consolidated audit trail reporting.
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers.
At a Glance
What This Bill Does
This bill prohibits the Securities and Exchange Commission (SEC) from requiring personally identifiable information (PII) to be collected under consolidated audit trail reporting requirements.
Key Policy Areas
Finance, Privacy
Primary Purpose
This bill prohibits the Securities and Exchange Commission (SEC) from requiring personally identifiable information (PII) to be collected under consolidated audit trail reporting requirements.
Policy Domains
Sponsors
Legislative Progress
IntroducedMr. Loudermilk (for himself, Mrs. Wagner, Mr. Meuser, and Mr. …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "the_secretary"
- → None
- "the_commission"
- → Securities and Exchange Commission
Key Definitions
Terms defined in this bill
Information that can be used to distinguish or trace an individual’s identity, either alone or when combined with other personal or identifying information.
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