Senate Spending Bill Pumps $14M Into Secure 2.0 Implementation

"The Commission should make every effort to hear from all investors, especially retail investors, and the Investor Advisory Committee should be selected in a fair manner with a robust process to ensure this broad perspective," the bill states.

The senators encouraged the chair of the agency "to establish a transparent process for selecting members" of the Investor Advisory Committee, "such as a staff-led process for identifying candidates that: incorporates the perspectives of each member of the Commission; ensures that a wide array of market and investor perspectives are represented; and reflects the Commission's commitment to expanding diversity, inclusion, and opportunity for all Americans in our capital markets."

The senators also expressed concern about the SEC's Consolidated Audit Trail, or CAT, which they said "continues to collect an increasing amount of market-sensitive data and customer information including through" the system.

The Committee encourages the SEC "to ensure the CAT has adequate breach notification policies in place so affected participants are promptly notified of critical security events," and directed the agency to "provide a briefing data security enhancements to the CAT National Market System [NMS] Plan."

A bill introduced Wednesday in the House would prohibit the SEC from requiring the CAT to collect personally identifiable information.