CONGRESS FOR VOTERS

David Scott (D-GA)

SEC Data Protection Act

H.R. 6161 · House bill Finance and Financial Sector

A Democratic bill with 12 Republican cosponsors · See all 21 cosponsors

Last activity — Referred to the House Committee on Financial Services.

In committee

Introduced and handed to a committee in the chamber it started in.

The committee holds it, and most bills are never heard from again. A hearing or a committee vote would be news; silence is the usual outcome, and it kills the bill without anyone voting against it.

Its path through Congress

  1. Introduced
  2. In Committee

What this bill would do

This bill, known as the "SEC Data Protection Act," seeks to amend the Investment Advisers Act of 1940. It directs the Securities and Exchange Commission to establish specific data protection policies. These policies are intended to protect sensitive, nonpublic proprietary information received from investment advisers. The Commission must adopt these procedures within one year of the act's enactment. The goal is to protect this information from unlawful use or disclosure.

Yes

  • Scored +5

    Does this give people more control over their personal data?

    The bill mandates the creation of procedures specifically designed to safeguard sensitive proprietary data from unlawful use or disclosure.

  • Scored +4

    Would business owners be better off under this?

    The bill provides institutional security for the proprietary data used by those in the investment advisory business.

  • Scored +3

    Does this make it easier to run a small business?

    The bill requires the SEC to adopt policies that protect sensitive, nonpublic proprietary information provided by investment advisers.

The opposite

  • Scored -2

    Does this make what the government does easier for the public to see?

    The bill focuses on restricting access to information, which may limit the amount of proprietary data that becomes part of the public record.