Protecting Investors’ Personally Identifiable Information Act

Hozzl · 2024-03-14T14:26:20Z

Explore the details of Senate Bill 2230 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.

3/14/2024, 2:26 PM

Summary of Bill S 2230

Bill 118 s 2230, also known as the Protecting Investors’ Personally Identifiable Information Act, is a piece of legislation currently being considered by the US Congress. The main purpose of this bill is to enhance the protection of investors' personally identifiable information (PII) in the financial industry.

The bill aims to achieve this by requiring financial institutions to establish and maintain comprehensive written policies and procedures to safeguard the confidentiality and security of investors' PII. These policies and procedures must address various aspects of data security, such as encryption, access controls, and data retention practices.

Additionally, the bill requires financial institutions to notify investors in the event of a data breach that compromises their PII. This notification must be provided in a timely manner and include information on the nature of the breach, the types of information that were compromised, and any steps that investors can take to protect themselves from identity theft or fraud. Overall, the Protecting Investors’ Personally Identifiable Information Act seeks to strengthen the security and privacy of investors' PII in the financial industry, ultimately aiming to build trust and confidence in the financial system.

Congressional Summary of S 2230

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 S 2230

Bill S 2230 is currently in the status of Bill Introduced since July 11, 2023. Bill S 2230 was introduced during Congress 118 and was introduced to the Senate on July 11, 2023. Bill S 2230's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of July 11, 2023

Bipartisan Support of Bill S 2230

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 S 2230

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill S 2230

Protecting Investors’ Personally Identifiable Information ActProtecting Investors’ Personally Identifiable Information ActA 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.

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