Leaders of the U.S. House Committee on Financial Services and its Subcommittee on Capital Markets, together with Rep. Barry Loudermilk, sent a letter to Securities and Exchange Commission (SEC) Chairman Paul Atkins setting out longstanding concerns with the Consolidated Audit Trail (CAT) and urging additional safeguards and oversight. The Members commended steps already taken to limit the collection of sensitive data, reduce unnecessary costs, and launch a comprehensive review of the CAT, while calling on the SEC to codify these reforms. They also recommended deferring approval of any new CAT funding model until the review is completed and its findings are shared with Congress, and asked for a clear timeline and regular briefings on the review’s progress, citing privacy, security, and governance risks.
U.S. Financial Services Committee 2026-02-05
U.S. House Committee on Financial Services leaders press SEC to codify Consolidated Audit Trail reforms and defer a new funding model
Leaders of the U.S. House Committee on Financial Services and its Subcommittee on Capital Markets, along with Rep. Barry Loudermilk, urged SEC Chairman Paul Atkins to enhance safeguards and oversight of the Consolidated Audit Trail (CAT), recommending deferral of new funding model approval until a comprehensive review is completed and shared with Congress. They commended efforts to limit sensitive data collection and reduce costs, while requesting a clear timeline and regular progress briefings due to privacy and security concerns.