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

handle is hein.congrecreports/crptxrfz0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP 114TH CONGRESS REPORT 1st Session HOUSE OF REPRESENTATIVES 114-337 SECURITIES AND EXCHANGE COMMISSION REPORTING 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 REPORT [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Act, elimi- nates a reporting requirement applicable only to the Securities and Exchange Commission and previously repealed for all other federal agencies. 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- 59-006

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