AI-assisted analysis based on the official CRS summary. Source version: Aug 27, 2026. Analysis updated: Sep 15, 2026.
01 — The Text
What.
- The bill prohibits the SEC from requiring national securities exchanges, national securities associations, or their members to provide personally identifiable information (PII) of securities market participants
- The prohibition applies specifically to PII disclosures made to satisfy Consolidated Audit Trail (CAT) reporting requirements
- The Consolidated Audit Trail is a regulatory system used by regulators to track market activity
02 — The Stakes
So what?
- The SEC loses authority to compel PII disclosure from exchanges and associations for CAT reporting purposes
- The bill's impact on the SEC's ability to conduct market surveillance through the CAT system is not quantified in the official summary
- Effects on investor protection, market transparency, or regulatory oversight are not documented in the official summary
03 — The Path
Now what?
- The House Committee on Financial Services reported the bill (amended) on September 1, 2026, as H. Rept. 119-787
- The bill was placed on the Union Calendar, Calendar No. 687, on September 1, 2026
- The Committee ordered the bill reported by a vote of 27–21 on June 30, 2026
- The bill was introduced in the House on February 21, 2025
Legislative History
Actions.
- Sep 1, 2026 — Placed on the Union Calendar, Calendar No. 687.
- Sep 1, 2026 — Reported (Amended) by the Committee on Financial Services. H. Rept. 119-787.
- Jun 30, 2026 — Ordered to be Reported (Amended) by the Yeas and Nays: 27 - 21.
- Jun 30, 2026 — Committee Consideration and Mark-up Session Held
- Feb 21, 2025 — Referred to the House Committee on Financial Services.
- Feb 21, 2025 — Introduced in House
- Feb 21, 2025 — Introduced in House