H. Rept. 114-337 1 (2015-11-16)

handle is hein.congrecreports/crptxrfz0001 and id is 1 raw text is: AUT-ENTICATED

                   114TH CONGRESS                                     REPORT
                      1st Session   HOUSE  OF REPRESENTATIVES         114-337

                                      MODERNIZATION ACT

                     NOVEMBER 16, 2015.-Committed to the Committee of the Whole House on the
                                  State of the Union and ordered to be printed

                      Mr. HENSARLING, from the Committee  on Financial Services,
                                       submitted the following


                                        [To accompany H.R. 3032]

                            [Including cost estimate of the Congressional Budget Office]
                     The Committee  on Financial Services, to whom was referred the
                   bill (H.R. 3032) to amend the Securities Exchange Act of 1934 to
                   repeal a certain reporting requirement of the Securities and Ex-
                   change Commission, having  considered the same, report favorably
                   thereon without amendment  and recommend  that the bill do pass.
                                       PURPOSE  AND SUMMARY
                     Introduced by Representative Sinema, H.R. 3032, the Securities
                   and Exchange  Commission   Reporting Modernization Act, elimi-
                   nates a reporting requirement applicable only to the Securities and
                   Exchange Commission  and previously repealed for all other federal
                               BACKGROUND  AND  NEED FOR  LEGISLATION
                     Section 1121(b) of the Right to Financial Privacy Act (RFPA) re-
                   quired federal agencies to report the number of times they re-
                   quested that a financial institution provide their customer's finan-
                   cial records (1) pursuant to a customer's consent, (2) an administra-
                   tive or judicial subpoena for which the RFPA required prior notice
                   to the customer, or (3) pursuant to the RFPA's procedures for de-
                   laying notice of such records request to the customer. When the
                   SEC became  subject to the RFPA in 1981, Congress added Section
                   21(h) to the Securities Exchange Act of 1934. Section 21(h)(6) re-
                   quires the SEC to report annually on requests under the RFPA as
                   well as the number of times the agency sought judicial orders de-

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