01 — The Text
What.
- Blocks SEC from forcing securities exchanges and brokers to share investor personal data for the Consolidated Audit Trail (CAT), a regulatory tracking system.
- Protects participant information from being disclosed specifically for CAT reporting requirements.
- Does not ban CAT itself—only restricts SEC's authority to compel personal data sharing for it.
02 — The Stakes
So what?
- Investors potentially gain privacy protections; less personal financial data collected by regulators.
- Regulators lose access to detailed market-tracking data, potentially limiting their ability to detect fraud or illegal trading patterns.
- Brokers and exchanges avoid compliance costs of providing extensive personal information to SEC.
03 — The Path
Now what?
- Passed House Financial Services Committee in June 2026 (27-21 vote); now heads to full House floor.
- Senate passage and White House approval would be needed for enactment.
- Contact your House representative to state your position on investor privacy versus regulatory oversight.
Legislative History
Actions.
- 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