Investor Privacy: Limiting SEC Data Collection
A house committee must act next: committee consideration.
This bill has support from key Republicans but lacks the bipartisan backing needed to pass a divided Congress or survive a potential veto.
Scores run from -100 (strongly harmful) to +100 (strongly beneficial) for each group, combining impact, certainty, scope, and duration ratings of 1-5. How impact scoring works
Smaller broker-dealers that are members of national securities exchanges or associations currently have to help collect and report detailed personal data on customers into the Consolidated Audit Trail system. Removing the requirement to gather personally identifiable information like Social Security numbers and addresses would lower compliance and data-security costs for these firms.
“The Securities and Exchange Commission may not require a national securities exchange, a national securities association, or a member of such an exchange or association to provide personally identifiable information with respect to a market participant”
Ordered to be Reported (Amended) by the Yeas and Nays: 27 - 21.
The committee approved this bill and is sending it to the full chamber for a vote. This is a significant step — most bills never get this far.
Committee Consideration and Mark-up Session Held
Referred to the House Committee on Financial Services.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
The Protecting Investors’ Personally Identifiable Information Act, introduced by Rep. Barry Loudermilk, advanced from the House Financial Services Committee on June 30, 2026. The bill seeks to prohibit the SEC from automatically collecting sensitive personal data for its Consolidated Audit Trail.
As the SEC continues to defend the Consolidated Audit Trail (CAT) in federal court, lawmakers are pushing the Protecting Investors’ Personally Identifiable Information Act to codify privacy protections. Critics argue the database violates the Fourth Amendment by tracking every U.S. stock trade.
Rep. Barry Loudermilk introduced the Protecting Investors’ Personally Identifiable Information Act to prevent the SEC from collecting names, SSNs, and addresses in its Consolidated Audit Trail. The bill allows for case-by-case data requests only during active investigations.
No votes or related bills recorded for this bill yet.
Document Type
Congressional Bill
Official Title
Protecting Investors’ Personally Identifiable Information Act
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