Protecting Innovation in Investment Act
2/16/2024, 3:28 PMSummary of Bill S 3735
Bill 118 s 3735, also known as the Protecting Innovation in Investment Act, is a piece of legislation introduced in the US Congress. The main purpose of this bill is to protect innovation and investment in the United States by preventing the unauthorized disclosure of confidential information related to emerging technologies.The bill aims to address concerns about the theft of intellectual property and trade secrets, which can have a negative impact on American businesses and the economy as a whole. By safeguarding confidential information, the Protecting Innovation in Investment Act seeks to encourage innovation and investment in cutting-edge technologies.
Specifically, the bill prohibits the disclosure of confidential information obtained through the review process of the Committee on Foreign Investment in the United States (CFIUS). This committee is responsible for reviewing foreign investments in US companies to ensure they do not pose a threat to national security. The Protecting Innovation in Investment Act also establishes penalties for individuals who violate the confidentiality provisions outlined in the bill. These penalties include fines and potential imprisonment for those found guilty of unauthorized disclosure of confidential information. Overall, the Protecting Innovation in Investment Act is designed to protect American businesses and promote innovation by safeguarding confidential information related to emerging technologies. It aims to strike a balance between national security concerns and the need to encourage investment and innovation in the United States.
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Current Status of Bill S 3735
Bill S 3735 is currently in the status of Bill Introduced since February 6, 2024. Bill S 3735 was introduced during Congress 118 and was introduced to the Senate on February 6, 2024. Bill S 3735's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of February 6, 2024Bipartisan Support of Bill S 3735
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
4Democrat Cosponsors
0Republican Cosponsors
4Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 3735
Primary Policy Focus
Alternate Title(s) of Bill S 3735
Protecting Innovation in Investment ActProtecting Innovation in Investment ActA bill to prohibit the Securities and Exchange Commission from finalizing, implementing, or enforcing a proposed rule with respect to conflicts of interest associated with the use of predictive data analytics by broker-dealers and investment advisers, and for other purposes.Comments
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Sponsors and Cosponsors of S 3735
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