Summary: H.R.3032 — 114th Congress (2015-2016)All Information (Except Text)

Bill summaries are authored by CRS.

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Passed House without amendment (11/16/2015)

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Securities and Exchange Commission Reporting Modernization Act

(Sec. 2) This bill amends the Securities Exchange Act of 1934 to repeal the requirement that the Securities and Exchange Commission (SEC) compile an annual tabulation of the occasions on which it has used specified law, including the Right to Financial Privacy Act of 1978, to obtain access to financial records of a customer and include it in its annual report to the Congress.

(The specified law referred to is the authority of the SEC to gain access to and obtain copies of, or the information contained in, financial records of a customer from a financial institution without prior notice to the customer upon an ex parte showing to an appropriate U.S. district court that the SEC seeks such records pursuant to a subpena, if certain circumstances exist and certain requirements are met.)