Protecting Investors’ Personally Identifiable Information Act

Hozzl · 2024-11-14T22:26:15Z

Explore the details of House Bill 4551 Protecting Investors’ Personally Identifiable Information Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

11/14/2024, 10:26 PM

Summary of Bill HR 4551

Bill 118 hr 4551, also known as the Protecting Investors’ Personally Identifiable Information Act, aims to enhance the protection of investors' personal information. The bill requires the Securities and Exchange Commission (SEC) to establish standards for broker-dealers and investment advisers to safeguard the personally identifiable information of their clients.

Under this legislation, broker-dealers and investment advisers are required to implement policies and procedures to protect sensitive information such as social security numbers, account numbers, and other personal data from unauthorized access or disclosure. The bill also mandates that these financial institutions notify their clients in the event of a data breach that compromises their personal information.

Additionally, the bill requires the SEC to conduct regular examinations of broker-dealers and investment advisers to ensure compliance with the new standards for protecting investors' personally identifiable information. The SEC is also tasked with providing guidance and assistance to these financial institutions to help them meet the requirements of the legislation. Overall, the Protecting Investors’ Personally Identifiable Information Act aims to strengthen the security measures in place to safeguard investors' personal information and reduce the risk of identity theft and fraud. By establishing clear standards and oversight mechanisms, the bill seeks to enhance consumer confidence in the financial industry and protect the privacy of investors.

Congressional Summary of HR 4551

Protecting Investors' Personally Identifiable Information Act

This bill prohibits the Securities and Exchange Commission (SEC) from requiring a national securities exchange, association, or a member of either to provide a market participant's personally identifiable information to satisfy the reporting requirements of the Consolidated Audit Trail (i.e., data used to track market activity). However, this information must be provided to the SEC upon request if the information is related to a securities investigation. The SEC must destroy the information not later than one day after the conclusion of the matter for which this information was required.

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Current Status of Bill HR 4551

Bill HR 4551 is currently in the status of Bill Introduced since July 11, 2023. Bill HR 4551 was introduced during Congress 118 and was introduced to the House on July 11, 2023. Bill HR 4551's most recent activity was Placed on the Union Calendar, Calendar No. 611. as of November 1, 2024

Bipartisan Support of Bill HR 4551

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 4551

Primary Policy Focus

Finance and Financial Sector

Potential Impact Areas

Financial services and investmentsGovernment information and archivesGovernment studies and investigationsRight of privacySecurities

Alternate Title(s) of Bill HR 4551

Protecting Investors’ Personally Identifiable Information ActProtecting Investors’ Personally Identifiable Information ActProtecting Investors’ Personally Identifiable Information ActTo prohibit the Securities and Exchange Commission from requiring that personally identifiable information be collected under consolidated audit trail reporting requirements, and for other purposes.

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