Sec. 555.
169 words·~1 min read·
/bill/118/hr/4664/rh/section-555A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
None of the funds made available by this Act may be used, during the 270-day period beginning on the date of enactment of this Act, to collect, or implement any program that would collect, retail investor personally identifiable information (in this section referred to as “PII”) by the Securities and Exchange Commission, the Financial Industry Regulatory Authority, the Consolidated Audit Trail, LLC, Customer Account Information System, or any other legal entity under Securities and Exchange Committee Rule 613.
The Comptroller General of the United States shall submit a report to Congress, not later than 270 days after the date of the enactment of this Act, on analysis of— the privacy concerns, the constitutionality, and the current law in the Federal judicial circuits and the Supreme Court regarding the legality of the collection of retail investor PII by a regulator without any evidence of wrongdoing; and whether Congress has given the SEC the implicit or explicit statutory authority to create a national database that collects the PII of retail investors.