II 

117TH CONGRESS 

2D SESSION S. 3716 

To require Federal financial regulators to create a publicly available database 

for certain bad actors, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

MARCH 1, 2022 

Mr. KENNEDY (for himself and Ms. LUMMIS) introduced the following bill; 

which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To require Federal financial regulators to create a publicly 

available database for certain bad actors, and for other 

purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Tracking Bad Actors 

5 Act of 2022’’. 

6 SEC. 2. DEFINITION. 

7 In this Act, the term ‘‘Federal financial regulator’’ 

8 means— 


kjohnson on DSK79L0C42PROD with BILLS
2 

•S 3716 IS

1 (1) the Commodity Futures Trading Commis2 sion; 

3 (2) the Securities and Exchange Commission; 

4 (3) the Office of the Comptroller of the Cur5 rency; 

6 (4) the Federal Deposit Insurance Corporation; 

7 (5) the Financial Industry Regulatory Agency; 

8 and 

9 (6) the Public Company Accounting Oversight 

10 Board. 

11 SEC. 3. DATABASE. 

12 (a) IN GENERAL.—Not later than 3 years after the 

13 date of enactment of this Act, the Federal financial regu14 lators shall jointly establish a publicly available database 

15 of persons convicted or held liable in criminal, civil, and 

16 administrative actions relating to financial services 

17 brought by— 

18 (1) any Federal financial regulator, to the 

19 greatest extent practicable; 

20 (2) the Department of Justice; 

21 (3) any self-regulatory organization or similar 

22 entity overseen by a Federal financial regulator if 

23 required by such regulator; or 


kjohnson on DSK79L0C42PROD with BILLS
3 

•S 3716 IS

1 (4) any State or local criminal or regulatory 

2 agency that voluntarily submits information to the 

3 database. 

4 (b) OVERSIGHT.—The Securities and Exchange Com5 mission shall be the lead agency responsible for oversight 

6 of the database established under subsection (a). 

7 (c) FREE ACCESS.—The information in the database 

8 established under subsection (a) shall be free of charge 

9 to the public. 

10 (d) OPERATION.—The database established under 

11 subsection (a) shall be operated by a Federal agency or 

12 maintained by a third party. 

13 (e) EXPUNGEMENT.—Any agency who submits infor14 mation to the database under subsection (a) shall expunge 

15 any enforcement action brought by the agency if the action 

16 is— 

17 (1) overturned upon judicial review; or 

18 (2) withdrawn by the agency. 

19 (f) REPORTS.— 

20 (1) FEDERAL FINANCIAL REGULATORS.—The 

21 Federal financial regulators shall jointly submit to 

22 Congress an annual report on the database during 

23 the period beginning on the date of enactment of 

24 this Act and ending on the date on which the data25 base is operational. 


kjohnson on DSK79L0C42PROD with BILLS
4 

•S 3716 IS

1 (2) GAO REPORT.—Not later than 5 years 

2 after the date on which the database is operational, 

3 the Comptroller General of the United States shall 

4 submit to Congress a report on the database. 

Æ 


kjohnson on DSK79L0C42PROD with BILLS