Protecting Investors’ Personally Identifiable Information Act

S 2230, the Protecting Investors’ Personally Identifiable Information Act, prevents the Securities and Exchange Commission (SEC) from requiring financial exchanges and their members to report investors' personal details like names, addresses, or Social Security numbers under routine data reporting rules. The SEC may only request such information during an investigation into suspected securities law violations, and must destroy it within 24 hours after the investigation concludes. This directly affects national securities exchanges, associations, and their members who handle market participant data. The bill aims to limit unnecessary collection and retention of sensitive investor information while maintaining enforcement capabilities.