WASHINGTON — U.S. Senator Tuberville (R-AL) joined U.S. Senator John Kennedy (R-LA) to introduce the Protecting Investors’ Personally Identifiable Information Act, which prohibits the Securities and Exchange Commission (SEC) from building a database of American investors’ private information. Under this legislation, the SEC could obtain personally identifiable information of investors only by requesting it on a case-by-case basis. The bill would also require the SEC to delete personally identifiable information once the agency resolves the investigation or issue that required that information to be collected.
“The SEC’s personally identifiable information database would be a prime target for hackers,” said Senator Tuberville. “It would also be yet another massive compliance burden on Main Street investors and investment brokers large and small. I’m supporting this legislation today to put a stop to this and protect the personal information of the American people.”
Complete text of the bill can be found here.
Joining Senators Tuberville and Kennedy in introducing the legislation are U.S. Senators Mike Rounds (R-SD), Jerry Moran (R-KS), Tom Cotton (R-AR), Steve Daines (R-MT), John Boozman (R-AR), and Katie Britt (R-AL). U.S. Rep. Barry Loudermilk (R-GA-11) has authored companion legislation in the House of Representatives.
Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, and HELP Committees.