Republicans in Congress are pushing back on what some consider another front on the surveillance state—in this case, the Securities and Exchange Commission’s collection of investors’ personal data.
Rep. Barry Loudermilk, R-Ga., is the lead sponsor of the Protecting Investors’ Personally Identifiable Information Act, which would restrict the SEC’s automatic collection of investors’ personal identifiable information, with a goal to eliminate the potential for breaches.
“We’ve had extreme government overreach from the SEC,” Loudermilk, a member of the House Financial Services Committee, told The Daily Signal. “The agency has violated the 4th and 5th Amendments. Any stock transfer from a Robinhood account has to go to this brokerage report.”
Robinhood is a commission-free electronic trading company.
The SEC established the Consolidated Audit…
