House Republicans Jim Jordan (R-OH), James Comer (R-KY), Patrick McHenry (R-NC) and Tom Emmer (R-MN) criticized the SEC for "aggressively" enforcing recordkeeping laws on private businesses. The representatives found such enforcement "curious" given the agency's own failures to comply with federal transparency and recordkeeping laws.
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Senator John Kennedy (R-LA) introduced the "Protecting Investors' Personally Identifiable Information Act." The legislation would exclude personally identifiable information from Consolidated Audit Trail reporting requirements.
In testimony before the Senate Committee on Banking, Housing and Urban Affairs, SEC Chair Jay Clayton described progress on the agency's FY 2019 initiatives.
The Senate Banking Committee considered data protection and other concerns raised about the consolidated audit trail system.
U.S. Representatives Carolyn B. Maloney (D-NY) and Patrick McHenry (R-NC) introduced a bill that would require all eight U.S. financial regulators to enact a set of data collection and dispersion standards for reported information.