SEC loses investor-identity data in market-surveillance carve-out
H.R. 1483 — Protecting Investors’ Personally Identifiable Information Act · Filed by Barry Loudermilk (R-GA) · 5 cosponsors · Introduced Feb 21, 2025 · Reported out
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What it does
This bill prohibits the SEC from requiring securities exchanges and brokers to collect and report personally identifiable information (names, addresses, Social Security numbers, IP addresses, biometric data, etc.) as part of the consolidated audit trail (CAT) reporting system. The CAT is a regulatory database designed to track market orders and trades for surveillance and enforcement purposes; this bill carves out a privacy exception for personal data within that system.
Why we flagged it
The bill's operative mechanism is a privacy exemption—it removes a category of data (PII) from an existing regulatory reporting mandate. While framed as investor privacy protection, it functionally narrows the SEC's surveillance toolkit for detecting market abuse.
What the text implies
- Removes SEC's ability to cross-reference investor identity with trading patterns, potentially hampering detection of insider trading, layering schemes, and coordinated market manipulation that rely on tracing WHO placed orders.
- May reduce SEC enforcement effectiveness against retail-investor fraud schemes where identity tracing is critical to proving coordination or deception.
- Creates a privacy island within CAT: exchanges will still collect order data and reportable events, but without the personal identifiers needed to link them to specific individuals—fragmenting the audit trail's investigative utility.
- Does not prohibit collection of PII by exchanges for their own compliance; it only bars SEC reporting requirements—leaving data in private hands without federal oversight.
Section numbers refer to the bill text the analysis read — linked under Primary records below.
Who it affects
Citizens gain privacy protection by limiting collection of sensitive personal data in a federal database, reducing identity-theft and surveillance risk. However, they lose regulatory transparency: the SEC's ability to trace suspicious trading patterns, detect insider trading, and enforce securities laws depends partly on knowing WHO placed orders—removing PII may hamper fraud detection and market integrity enforcement that protects retail investors.
Who stands to gain
- securities exchanges and brokers (reduced compliance burden and data-reporting cost)
- high-frequency traders and sophisticated market participants (reduced traceability of their trading
Named in the bill
Securities and Exchange Commission (SEC), national securities exchanges, national securities associations (FINRA), consolidated audit trail (CAT), 17 CFR 242.613(c)(7)
Where it stands
5 cosponsors: 5 Republicans.
- Feb 21, 2025 — Introduced · Congress.gov: “Introduced in House”
- Feb 21, 2025 — Referred to House Committee on Financial Services · Congress.gov: “Referred to the House Committee on Financial Services”
- Jun 30, 2026 — Markup held in committee · Congress.gov: “Committee Consideration and Mark-up Session Held”
- Jun 30, 2026 — Reported out of committee · Congress.gov: “Ordered to be Reported (Amended) by the Yeas and Nays: 27 - 21”
Dates and quoted wording are Congress.gov's action record; the timeline shows status changes, not every procedural step.
Money around this bill
4 lobbying clients named this bill on 6 disclosure filings across 2 quarters, Dec 2025 to Jun 2026. Those filings disclosed $5,800,000 in lobbying spend. A filing names 22 bills on average, so that figure is what each filing reported, not a share belonging to this bill.
More lobbying clients named this bill than 72% of bills with at least one filing.
Barry Loudermilk, the sponsor, reported $166,750 in PAC receipts in the 2026 cycle. $5,000 of that came from 1 PAC tied to these lobbying clients.
- Securities Industry and Financial Markets Association — $5,090,000 on 2 filings
- Ameriprise Financial, Inc. — $280,000 on 1 filing
- Apotex Corp. — $260,000 on 1 filing
- American Securities Association — $170,000 on 2 filings
Lobbying Disclosure Act filings through Jul 20, 2026. A filing shows who paid to lobby on a bill it names, not what changed.
How this was measured
Analysis — Quorum's AI read the bill text published by Congress.gov (1,137 characters) on Jul 25, 2026. Section numbers in the findings refer to that text, linked below; transparency and hidden-provision scores are compared against the median of 16,222 analysed bills.
Status and sponsors — Congress.gov's bill record — actions, committee referrals and cosponsors — loaded nightly. The timeline shows status changes, not every procedural action.
Money — Senate Lobbying Disclosure Act filings whose specific-issue field names this bill for quarters ending Dec 2025 to Jun 2026. A filing's amount is reported whole beside the median number of bills a filing names; it is never divided across them. PAC receipts are FEC-reported contributions to the sponsor's candidate committee in the 2026 cycle.
As of — lobbying records through Jul 20, 2026 · page rendered 2026-10-20.
- H.R. 1483 on Congress.gov
- Actions and status history
- Cosponsors (5)
- Bill text the analysis read
- Securities Industry and Financial Markets Association — LDA filing, 2025 Q4
- Ameriprise Financial, Inc. — LDA filing, 2026 Q2
- Apotex Corp. — LDA filing, 2025 Q4
- Barry Loudermilk — FEC candidate receipts, 2026 cycle
“SEC loses investor-identity data in market-surveillance carve-out” QuorumCivic. https://share.quorumcivic.app/bill/119/hr1483 Report an error
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