Us Congress 2023-2024 Regular Session

Us Congress Senate Bill SB2230

Introduced
7/11/23  

Caption

Protecting Investors’ Personally Identifiable Information Act

Impact

If enacted, the bill would significantly alter the framework governing how market participants interact with the SEC regarding compliance reporting. By prohibiting the routine collection of PII, it is designed to alleviate investor concerns about potential misuse of their information. The legislation would likely influence existing regulatory protocols and compel the SEC to adapt to stricter privacy norms. Additionally, this could set a precedent for other regulatory bodies on how to handle sensitive information.

Summary

SB2230, known as the 'Protecting Investors’ Personally Identifiable Information Act', seeks to prohibit the Securities and Exchange Commission (SEC) from mandating the collection of personally identifiable information (PII) under consolidated audit trail reporting requirements. The bill emphasizes the need for enhanced privacy protection for investors by limiting the extent to which the SEC can obtain sensitive personal data during regulatory compliance activities. This legislative move responds to ongoing concerns regarding data security and individual privacy within the financial markets.

Contention

The main point of contention surrounding SB2230 revolves around the balance between regulatory oversight and personal privacy rights. Proponents argue that restricting the SEC's ability to gather personally identifiable information will protect investors from privacy invasions and data breaches. Conversely, critics may contend that limiting the SEC's access to essential data could hinder effective enforcement of securities laws and regulations, potentially emboldening non-compliance and unethical practices within the industry.

Companion Bills

US HB4551

Related Protecting Investors’ Personally Identifiable Information Act

Previously Filed As

US HB4551

Protecting Investors’ Personally Identifiable Information Act

US SB658

Protecting Investors’ Personally Identifiable Information Act

US HB1483

Protecting Investors’ Personally Identifiable Information Act

US HB4600

Protecting Retail Investors’ Savings Act

US SB1799

Putting Investors First Act of 2023

US HB2797

Equal Opportunity for All Investors Act of 2023

US HB4510

National Telecommunications and Information Administration Reauthorization Act of 2024 NTIA Reauthorization Act of 2024

US HB4472

First Amendment Protection Act Don't Weaponize the IRS Act

US HB5340

Providing Complete Information to Retirement Investors Act

US SB2700

INDEX Act INvestor Democracy is EXpected Act

Similar Bills

ME LD137

An Act to Expand the 1998 Special Retirement Plan to Include Employees Who Work for the Office of Chief Medical Examiner

ME LD794

An Act to Include Judicial Marshals in the 1998 Special Plan for Retirement

ME LD610

An Act to Expand the 1998 Special Retirement Plan to Include Employees Who Work for the Office of Chief Medical Examiner

ME LD579

An Act to Include Certain Mental Health Workers Under the 1998 Special Plan for Retirement

ME LD1761

An Act to Include Certain Mental Health Workers Under the 1998 Special Plan for Retirement

ME LD1760

An Act to Include Certain Crisis Outreach and Crisis Services Workers Under the 1998 Special Plan for Retirement

CA AB3066

Workers’ compensation: privacy.

CA SB622

Cannabis regulation: plant identification program: unique identifier.