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To amend the Investment Advisers Act of 1940 to require the Securities and Exchange Commission to adopt data protection policies for information the Commission receives from investment advisers, and for other purposes.
Summary
This bill requires the Securities and Exchange Commission (SEC) to establish formal data protection policies for sensitive business information it receives from investment advisers. The SEC must develop and adopt these policies within one year, following a public comment period. The policies must address how the SEC requests such information, how it safeguards it based on sensitivity levels, who can access it within the agency, and how it prevents unlawful use or disclosure. The bill amends the Investment Advisers Act of 1940 to impose these protections for proprietary, nonpublic information that investment advisers provide to the SEC.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Rep. Scott, David [D-GA-13] (D-GA)
21 cosponsors
- Rep. Bynum, Janelle S. [D-OR-5] (D-OR)
- Rep. Carson, André [D-IN-7] (D-IN)
- Rep. Cleaver, Emanuel [D-MO-5] (D-MO)
- Rep. Davidson, Warren [R-OH-8] (R-OH)
- Rep. De La Cruz, Monica [R-TX-15] (R-TX)
- Rep. Fitzgerald, Scott [R-WI-5] (R-WI)
- Rep. Foster, Bill [D-IL-11] (D-IL)
- Rep. Garbarino, Andrew R. [R-NY-2] (R-NY)
- Rep. Gonzalez, Vicente [D-TX-34] (D-TX)
- Rep. Gottheimer, Josh [D-NJ-5] (D-NJ)
- Rep. Himes, James A. [D-CT-4] (D-CT)
- Rep. Kim, Young [R-CA-40] (R-CA)
- Rep. Lawler, Michael [R-NY-17] (R-NY)
- Rep. Loudermilk, Barry [R-GA-11] (R-GA)
- Rep. Meuser, Daniel [R-PA-9] (R-PA)
- Rep. Nunn, Zachary [R-IA-3] (R-IA)
- Rep. Salazar, Maria Elvira [R-FL-27] (R-FL)
- Rep. Sherman, Brad [D-CA-32] (D-CA)
- Rep. Stutzman, Marlin A. [R-IN-3] (R-IN)
- Rep. Suozzi, Thomas R. [D-NY-3] (D-NY)
- Rep. Wagner, Ann [R-MO-2] (R-MO)
Actions (2)
- Nov 19, 2025 Referred to the House Committee on Financial Services. · house
- Nov 19, 2025 Introduced in House
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Text versions (1)
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Full text
IN THE HOUSE OF REPRESENTATIVES
November 19, 2025
Mr. David Scott of Georgia (for himself, Mr. Loudermilk, Mr. Foster, Mrs. Wagner, Mr. Sherman, Mr. Meuser, Mr. Gottheimer, Mr. Davidson, Mr. Cleaver, Mrs. Kim, Mr. Himes, Mr. Fitzgerald, Mr. Vicente Gonzalez of Texas, Ms. Salazar, Ms. Bynum, Ms. De La Cruz, and Mr. Carson) introduced the following bill; which was referred to the Committee on Financial Services
A BILL
To amend the Investment Advisers Act of 1940 to require the Securities and Exchange Commission to adopt data protection policies for information the Commission receives from investment advisers, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “SEC Data Protection Act”.
SEC. 2. PROCEDURE FOR DATA PROTECTION.
Section 204 of the Investment Advisers Act of 1940 (15 U.S.C. 80b-
4) is amended by adding at the end the following:
“(g) Data Protection Policies.—Not later than 1 year after the date of enactment of this subsection, the Commission shall adopt, after notice and comment, policies and procedures reasonably designed to protect sensitive, nonpublic proprietary information, as determined by the Commission, that the Commission obtains or receives from an investment adviser subject to this section, from unlawful use or disclosure. Such policies and procedures shall—
“(1) address circumstances when the Commission requests such proprietary information;
“(2) safeguard the information, taking into consideration the level of sensitivity of the information;
“(3) limit access to the information to appropriate staff, as determined by the Commission; and
“(4) protect the information from unlawful use or disclosure.”. <all>
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