WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator John Kennedy (R-LA) and ten of their Senate colleagues in cosponsoring the Protecting Investors’ Personally Identifiable Information Act, which would prohibit the Securities and Exchange Commission (SEC) from requiring brokers to submit investors’ identifiable information to its data tracking system, the Consolidated Audit Trail (CAT), in the wake of recent cyber-attacks and ongoing vulnerabilities.
Sen. Tuberville cosponsored this legislation in the 118th Congress.
“Americans should be able to invest in the stock market without fear that their private information is up for grabs. This unlawful practice by the SEC is a useless system that enables our adversaries rather than protecting Americans. Far too often, we let cyber-attacks slip under the rug. This legislation safeguards our citizens and strengthens our cyber capabilities. I hope my colleagues join us in this commonsense legislation,” said Sen. Tuberville.
“Americans assume their private information is secure when they invest money in the U.S. stock market. However, the SEC’s unlawful Consolidated Audit Trail could put their data in jeopardy. My bill would protect American investors from foreign enemies and bad actors by preventing the SEC from collecting personal information it doesn’t need and storing in on a dangerous database,” said Sen. Kennedy.
Senators Tuberville and Kennedy were joined by U.S. Senators John Boozman (R-AR), Katie Britt (R-AL), Tom Cotton (R-AR), Steve Daines (R-MT), Bill Hagerty (R-TN), Mike Lee (R-UT), Jerry Moran (R-KS), Pete Ricketts (R-NE), Mike Rounds (R-SD), and Rick Scott (R-FL) in cosponsoring the legislation.
U.S. Congressman Barry Loudermilk (R-GA-11) led the effort in the U.S House of Representatives.
The American Securities Association endorsed the legislation.
Read full text of the legislation here.
BACKGROUND:
The Protecting Investors’ Personally Identifiable Information Act would:
- Prohibit the SEC from requiring brokers to submit investors’ personally identifiable information to the CAT, with the exception that the SEC can obtain personally identifiable information related to investors only by requesting it on a case-by-case; and
- Require the SEC to delete personally identifiable information once the agency resolves any investigations or issue that required that information.
Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP, and Aging Committees.
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