This bill, known as the "Protecting Investors' Personally Identifiable Information Act," aims to restrict the Securities and Exchange Commission's ability to collect sensitive personal data. It specifically prohibits the SEC from requiring national securities exchanges, associations, or their members to provide personally identifiable information (PII) for consolidated audit trail (CAT) reporting requirements. This prohibition directly addresses concerns over the broad collection of investor data under existing regulations. The legislation broadly defines PII to include details such as name, address, date of birth, Social Security number, telephone number, email address, and IP address. An exception allows the SEC to request PII only if it is related to an investigation of a violation of federal securities laws or an enforcement action. If such a request is made, the PII must be provided within 24 hours, unless an extension is granted, and crucially, any personally identifiable information obtained by the Commission under this exception must be destroyed within one day after the conclusion of the relevant investigation or matter for which it was required.