S 658 Re-checks Congress.gov for new actions and updates the bill's status, and fills in any sponsors, committees, or related bills that are missing. It does not re-pull sponsors/cosponsors/committees/related — those rarely change — and it skips all work if nothing has changed upstream, so it's cheap to click.
Protecting Investors’ Personally Identifiable Information Act
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.
Summary
This bill prohibits the Securities and Exchange Commission from requiring national securities exchanges and their members to routinely collect and report personally identifiable information (such as names, addresses, Social Security numbers, and email addresses) as part of consolidated audit trail reporting requirements. The SEC can only request such personal information when investigating violations of federal securities laws or conducting enforcement actions, and exchanges must provide the information within 24 hours. The SEC must destroy any personal information received within one day after concluding the investigation or matter for which it was needed. The bill aims to limit the collection and retention of investor personal information in SEC surveillance systems while preserving the agency's ability to access such information when necessary for investigations.
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)
- Sen. Kennedy, John [R-LA] (R-LA)
8 cosponsors
- Sen. Boozman, John [R-AR] (R-AR)
- Sen. Britt, Katie Boyd [R-AL] (R-AL)
- Sen. Cotton, Tom [R-AR] (R-AR)
- Sen. Daines, Steve [R-MT] (R-MT)
- Sen. Lee, Mike [R-UT] (R-UT)
- Sen. Moran, Jerry [R-KS] (R-KS)
- Sen. Ricketts, Pete [R-NE] (R-NE)
- Sen. Tuberville, Tommy [R-AL] (R-AL)
Actions (2)
- Feb 20, 2025 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. · senate
- Feb 20, 2025 Introduced in Senate
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE SENATE OF THE UNITED STATES
February 20, 2025
Mr. Kennedy (for himself, Mr. Ricketts, Mr. Daines, Mr. Boozman, Mrs. Britt, Mr. Moran, Mr. Cotton, and Mr. Lee) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
A BILL
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.
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 “Protecting Investors’ Personally Identifiable Information Act”.
SEC. 2. PERSONALLY IDENTIFIABLE INFORMATION EXCLUDED FROM CONSOLIDATED AUDIT TRAIL REPORTING REQUIREMENTS.
(a) Definitions.—In this section:
(1) Commission.—The term “Commission” means the Securities and Exchange Commission.
(2) Personally identifiable information.—The term “personally identifiable information” means information that can be used to distinguish or trace the identity of an individual, either alone or when combined with other personal or identifying information that is linked or linkable to that individual, including the name, address, date or year of birth, Social Security number, telephone number, email address, or IP- address of the individual.
(b) Prohibition.—Except as provided in subsection (c), the Commission may not require a national securities exchange, a national securities association, or a member of such an exchange or association to provide personally identifiable information with respect to a market participant to meet the requirements relating to an order or a reportable event under section 242.613(c)(7) of title 17, Code of Federal Regulations, or any successor regulation.
(c) Exception.—The Commission may only require a national securities exchange, a national securities association, or a member of such an exchange or association to provide personally identifiable information with respect to a market participant, as described in subsection (b), if—
(1) the Commission makes a request for that information; and
(2) the information is related to an investigation of—
(A) a violation of the Federal securities laws or a regulation issued under the Federal securities laws; or
(B) an enforcement action with respect to a violation described in subparagraph (A).
(d) Request for Extension.—At the request of the Commission under subsection (c), a national securities exchange, a national securities association, or a member of such an exchange or association shall provide the personally identifiable information subject to that request not later than 24 hours after receiving that request, unless, at the request of that national securities exchange, national securities association, or member, the Commission provides a reasonable extension.
(e) Destruction of Personally Identifiable Information.—In the case of personally identifiable information provided to the Commission under subsection (c), the Commission shall destroy that information not later than 1 day after the conclusion of the investigation or other matter for which that information was required. <all>
Comments