Bill

HR 1483

Protecting Investors’ Personally Identifiable Information Act

119th Congress Introduced by Troy Downing and 5 co-sponsors

HR 1483 mandates financial firms to enhance protections for investors' personal data, ensuring privacy, breach notifications, and penalties for non-compliance.

Introduced in House

WeVote Research Nonpartisan

Bill Summary · HR 1483

Summary of HR 1483: Protecting Investors’ Personally Identifiable Information Act

Bill Overview

Bill Number: HR 1483
Title: Protecting Investors’ Personally Identifiable Information Act
Status: Introduced in House
Introduced On: February 21, 2025
Classification: Bill

Purpose and Intent

The Protecting Investors’ Personally Identifiable Information Act aims to enhance the privacy and security of personally identifiable information (PII) for investors. The legislation seeks to establish stronger safeguards against unauthorized access and misuse of sensitive personal data held by financial institutions and investment firms.

Key Provisions

While the full text of the bill is not provided, the following key provisions are anticipated based on the title and intent of similar legislation:

Data Protection Requirements: Financial institutions would be required to implement stringent measures to protect investors' PII from data breaches and unauthorized access.
Disclosure Obligations: The bill may mandate that firms disclose their data protection policies and practices to investors, ensuring transparency regarding how personal information is handled.
Breach Notification: In the event of a data breach, firms would likely be required to notify affected investors promptly, detailing the nature of the breach and steps taken to mitigate risks.
Penalties for Non-Compliance: The legislation may establish penalties for firms that fail to comply with the data protection requirements, thereby incentivizing adherence to the new standards.

Affected Parties

The bill primarily impacts:
- Investors: Individuals who invest in financial markets and hold accounts with financial institutions will benefit from enhanced protection of their personal information.
- Financial Institutions and Investment Firms: These entities will need to adapt their data protection practices to comply with the new requirements set forth in the legislation.

Legislative Process

Introduced: The bill was introduced in the House on February 21, 2025.
Committee Referral: Following its introduction, HR 1483 was referred to the House Committee on Financial Services for further consideration.

Conclusion

HR 1483 represents a significant step towards enhancing the privacy and security of investors' personal information in the financial sector. By establishing clear requirements for data protection and breach notification, the bill aims to foster greater trust and security in financial transactions. As it moves through the legislative process, further details will emerge regarding its specific provisions and implications for both investors and financial institutions.

Compiled from official sources — confirm details with the bill’s official record.