Protecting Investors’ Personally Identifiable Information Act

Bill 119 hr 1483, also known as the "Consolidated Audit Trail Reporting Requirements Protection Act," aims to prevent the Securities and Exchange Commission (SEC) from mandating the collection of personally identifiable information (PII) under the consolidated audit trail reporting requirements. The bill seeks to protect the privacy and security of individuals by prohibiting the SEC from requiring the collection of sensitive personal information as part of the audit trail reporting process.

The consolidated audit trail is a system that collects and stores trading data from all US stock and options exchanges in order to enhance market oversight and surveillance. However, concerns have been raised about the potential risks associated with collecting and storing PII, such as names, addresses, and social security numbers, as part of this process.

The bill aims to address these concerns by ensuring that the SEC cannot compel the collection of PII under the consolidated audit trail reporting requirements. By prohibiting the collection of sensitive personal information, the bill seeks to protect the privacy and security of individuals while still allowing for effective market oversight and surveillance. In addition to prohibiting the collection of PII, the bill also includes provisions for other purposes related to the consolidated audit trail reporting requirements. Overall, the Consolidated Audit Trail Reporting Requirements Protection Act aims to strike a balance between market oversight and individual privacy rights by preventing the SEC from requiring the collection of personally identifiable information under the consolidated audit trail reporting requirements.