U.S. Senators Tommy Tuberville and John Kennedy, along with ten Senate colleagues, have introduced the Protecting Investors’ Personally Identifiable Information Act. This proposed legislation aims to prevent the Securities and Exchange Commission (SEC) from requiring brokers to submit investors’ personal information to its Consolidated Audit Trail (CAT), a data tracking system. The bill comes in response to recent cyber-attacks and concerns about ongoing vulnerabilities.
Senator Tuberville expressed his support for the bill, stating, “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.”
Senator Kennedy also emphasized the importance of safeguarding investor data: “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.”
The legislation has garnered support from Senators John Boozman, Katie Britt, Tom Cotton, Steve Daines, Bill Hagerty, Mike Lee, Jerry Moran, Pete Ricketts, Mike Rounds, and Rick Scott as cosponsors. In addition, Congressman Barry Loudermilk has led efforts in the House of Representatives.
The American Securities Association has endorsed this legislative effort.
Senator Tuberville represents Alabama and serves on several Senate committees including Armed Services and Veterans’ Affairs.
