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Inside of the Rotunda at the U.S. Capitol in Washington, D.C. September 20, 2013. Photo by Diego M. Radzinschi/THE NATIONAL LAW JOURNAL.

Regulation and Compliance > Legislation

Senate Spending Bill Pumps $14M Into Secure 2.0 Implementation

By Melanie Waddell

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The Senate Appropriations Committee approved by a 29-0 vote Thursday afternoon the financial services and general government 2024 appropriations bill, which allocates $14 million to the Bureau of Fiscal Services, part of the Treasury Department, to implement Secure 2.0.

Sen. Patty Murray, D-Wash., the committee’s chairwoman, said the funds will be used to ”help people locate retirement accounts from past employers that they are missing or have lost track of.”

The bill includes ”funding for the program I established in my bipartisan retirement bill last year to help connect people with retirement accounts from past employers they are missing,” Murray said, referring to the Rise & Shine Act.

SEC Budget, Concerns

The Appropriations Committee also appropriated $2.4 billion to the SEC, $194 million more than the fiscal year 2023 enacted level and $72 million less than the budget request.

The senators suggested the agency place a more critical eye on the SEC’s Investor Advisory Committee.

“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.

Melanie Waddell

@Think_MelanieW

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