Protecting Investors’ Personally Identifiable Information Act
- Bill Number
- H.R. 1483
- Origin Chamber
- House
- Congress
- 119th Congress, Session 1
- Policy Area
- Finance and Financial Sector
- Status
- Introduced
- Latest Action
- 2026-06-30: Ordered to be Reported (Amended) by the Yeas and Nays: 27 - 21.
- Last Updated
- 2026-07-01T08:08:07Z
AI-Generated Summary
Purpose
This legislation, titled the "Protecting Investors' Personally Identifiable Information Act," aims to safeguard the privacy of investors by preventing the Securities and Exchange Commission (SEC)—the U.S. agency that regulates securities markets—from mandating the collection of personal details in audit trail reports. These reports track trading activity to detect and prevent market abuses.
Key Provisions
- Prohibition on PII Collection: The SEC is barred from requiring national securities exchanges (like stock markets), national securities associations (self-regulatory groups for brokers), or their members to submit personally identifiable information (PII) about market participants when complying with consolidated audit trail (CAT) reporting rules. CAT is a system that records details of securities trades for regulatory oversight.
- Definition of PII: The bill defines PII as any data that can identify or trace an individual, either on its own or when combined with other information. Examples include name, address, date or year of birth, Social Security number, telephone number, email address, and IP address.
Significant Changes to Existing Law
- The bill directly limits the scope of SEC Rule 242.613(c)(7) under Title 17 of the Code of Federal Regulations (or any successor rules), which previously allowed or required PII in CAT reports for orders or reportable events. This introduces a privacy-focused exemption, narrowing what data must be reported without altering the overall CAT framework.
Potential Impacts
- On Government Agencies: The SEC's ability to monitor and investigate trading may be somewhat reduced, as it loses access to certain personal identifiers, potentially complicating efforts to link trades to specific individuals and enforce rules against fraud or manipulation.
- On Citizens/Investors: Enhances privacy protections for everyday investors and traders by reducing the risk of personal data exposure in government-mandated reporting, which could prevent identity theft or unauthorized data use.
- On International Relations: Minimal direct impact, though it may influence how U.S. markets align with global data privacy standards (e.g., Europe's GDPR), potentially affecting cross-border trading data sharing.
Main Stakeholders Affected
- Investors and Market Participants: Primary beneficiaries, as their personal information is shielded from routine regulatory collection.
- Securities Exchanges and Associations: Entities like the New York Stock Exchange or FINRA, which must comply with CAT rules but now face less stringent PII requirements.
- Brokers and Dealers: Members of exchanges/associations who handle trading data and benefit from reduced compliance burdens related to personal information.
- SEC: Faces operational adjustments in oversight, balancing privacy with market integrity.
Notable Legal, Constitutional, or Political Implications
- Legal/Constitutional: Reinforces privacy rights under the U.S. Constitution's Fourth Amendment (protection against unreasonable searches) by limiting federal data collection without explicit consent, potentially setting a precedent for privacy in financial regulation. It may invite legal challenges if seen as weakening SEC enforcement tools.
- Political: Highlights tensions between investor privacy and regulatory transparency, appealing to those favoring limited government data gathering while drawing criticism from proponents of robust market oversight to prevent abuses like insider trading. As an introduced bill (H.R. 1483, 119th Congress), it reflects bipartisan sponsorship but requires committee approval and full congressional passage to become law.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Rep. Loudermilk, Barry [R-GA-11]
Cosponsors (5)
Rep. Wagner, Ann [R-MO-2], Rep. Meuser, Daniel [R-PA-9], Rep. Huizenga, Bill [R-MI-4], Rep. Nunn, Zachary [R-IA-3], Rep. Downing, Troy [R-MT-2]
Recent Actions
- 2026-06-30: Ordered to be Reported (Amended) by the Yeas and Nays: 27 - 21.
- 2026-06-30: Committee Consideration and Mark-up Session Held
- 2025-02-21: Referred to the House Committee on Financial Services.
- 2025-02-21: Introduced in House
- 2025-02-21: Introduced in House
Bill Versions
- Protecting Investors’ Personally Identifiable Information Act — issued 2025-02-21 — PDF (2 pages)