About the bill
H.R. 3973 requires the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), and the operator of the Consolidated Audit Trail (CAT), in consultation with the SEC’s Chief Economist, to develop comprehensive internal risk control mechanisms to safeguard and govern the storage of market data, market data sharing agreements, and academic research using market data. The legislation also prohibits market data reporting to the Consolidated Audit Trail until the operator develops internal control mechanisms.
In April 2016, the Government Accountability Office identified weaknesses in the SEC’s information security protocols and noted the failure to implement an agency-wide data security program. In May 2017, Chairman Clayton initiated an assessment of the SEC’s internal cybersecurity risk profile. According to the Committee, both reports have cast more doubt as to the …
Sponsor and status
Sponsor. Representative for Ohio's 8th congressional district. Republican.
Last Updated: Nov 14, 2017
Length: 4 pages
115th Congress (2017–2019)
This bill was introduced in a previous session of Congress and was passed by the House on November 13, 2017 but was never passed by the Senate.
Although this bill was not enacted, its provisions could have become law by being included in another bill. It is common for legislative text to be introduced concurrently in multiple bills (called companion bills), re-introduced in subsequent sessions of Congress in new bills, or added to larger bills (sometimes called omnibus bills).
1 Cosponsor (1 Democrat)
What legislators are saying
“THIS WEEK IN CONGRESS - Veterans Day in the Marianas”
— Rep. Gregorio Sablan [D-MP] on Nov 18, 2017
What stakeholders are saying
Oct 5, 2017
Bills and resolutions are referred to committees which debate the bill before possibly sending it on to the whole chamber.
Oct 11, 2017
Considered by House Committee on Financial Services
A committee held a hearing or business meeting about the bill.
Oct 12, 2017
A committee has voted to issue a report to the full chamber recommending that the bill be considered further. Only about 1 in 4 bills are reported out of committee.
Nov 9, 2017
Reported by House Committee on Financial Services
A committee issued a report on the bill, which often provides helpful explanatory background on the issue addressed by the bill and the bill's intentions.
Nov 13, 2017
Passed House (Senate next)
The bill was passed in a vote in the House. It goes to the Senate next. The vote was by voice vote so no record of individual votes was made.
H.R. 3973 (115th) was a bill in the United States Congress.
A bill must be passed by both the House and Senate in identical form and then be signed by the President to become law.
Bills numbers restart every two years. That means there are other bills with the number H.R. 3973. This is the one from the 115th Congress.
This bill was introduced in the 115th Congress, which met from Jan 3, 2017 to Jan 3, 2019. Legislation not passed by the end of a Congress is cleared from the books.
How to cite this information.
We recommend the following MLA-formatted citation when using the information you see here in academic work:
GovTrack.us. (2022). H.R. 3973 — 115th Congress: Market Data Protection Act of 2017. Retrieved from https://www.govtrack.us/congress/bills/115/hr3973
“H.R. 3973 — 115th Congress: Market Data Protection Act of 2017.” www.GovTrack.us. 2017. September 28, 2022 <https://www.govtrack.us/congress/bills/115/hr3973>
Market Data Protection Act of 2017, H.R. 3973, 115th Cong..
|title=H.R. 3973 (115th)
|accessdate=September 28, 2022
|author=115th Congress (2017)
|date=October 5, 2017
|quote=Market Data Protection Act of 2017
Where is this information from?
GovTrack automatically collects legislative information from a variety of governmental and non-governmental sources. This page is sourced primarily from Congress.gov, the official portal of the United States Congress. Congress.gov is generally updated one day after events occur, and so legislative activity shown here may be one day behind. Data via the congress project.