Protecting Innovation in Investment Act

Bill: 118-s-3735
Sponsor: full_name: Sen. Cruz, Ted [R-TX]
Introduced: 2024-02-06
Policy area: Finance and Financial Sector
Latest action: action_date: 2024-02-06
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2024-02-06
action_desc: Introduced in Senate
text: <p><strong>Protecting Innovation in Investment Act</strong></p><p>This bill prohibits the Securities and Exchange Commission from finalizing the proposed rule titled <em>Conflicts of Interest Associated With the Use of Predictive Data Analytics by Broker-Dealers and Investment Advisers</em> and published on August 9, 2023. The proposed rule requires broker-dealers and investment advisers to eliminate or neutralize conflicts of interests stemming from the use of technology (e.g., predictive data analytics or artificial intelligence) in communications with investors.</p>

tv_txt: II 118th CONGRESS 2d Session S. 3735 IN THE SENATE OF THE UNITED STATES February 6, 2024 Mr. Cruz (for himself, Mr. Hagerty , and Mr. Rounds ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To prohibit the Securities and Exchange Commission from finalizing, implementing, or enforcing a proposed rule with respect to conflicts of interest associated with the use of predictive data analytics by broker-dealers and investment advisers, and for other purposes.

1. Short title This Act may be cited as the Protecting Innovation in Investment Act . 2. Prohibition against finalizing, implementing, or enforcing a proposed rule with respect to conflicts of interest associated with the use of predictive data analytics by broker-dealers and investment advisers The Securities and Exchange Commission may not finalize, implement, or enforce— (1) the proposed rule of the Commission entitled Conflicts of Interest Associated With the Use of Predictive Data Analytics by Broker-Dealers and Investment Advisers (88 Fed. Reg. 53960 (August 9, 2023)); or (2) any rule that is substantially similar to the rule described in paragraph (1).