Washington, D.C. (June 30, 2026) | Rep. Barry Loudermilk (R-GA) issued the following statement following passage of H.R. 5775 – the FCRA Liability Harmonization Act and H.R. 1483, the Protecting Investors’ Personally Identifiable Information Act out of Committee.
“Today, two pieces of legislation I have worked hard on to improve conservative governance within the financial services sector, have taken another critical step closer to receiving a vote in the House. The two bills passed out of the House Financial Services Committee will help curb abusive litigation practices and reduce accidental or intentional security breaches by restricting the SEC’s ability to collect unnecessary personally identifiable information (PII). These reforms to the Fair Credit Reporting Act and to the SEC’s Consolidated Audit Trail are long overdue and will provide Americans with greater privacy and consumer protections. I am grateful to Chairman Hill for bringing these measures before the Committee and look forward to a vote on the House floor.”
Background
H.R. 5775 – the Fair Credit Reporting Act Liability Harmonization Act
- Caps statutory damages in class action lawsuits, eliminates punitive damages, and limits attorney fees.
- Aligns the Fair Credit Reporting Act (FCRA) with other consumer financial protection statutes.
H.R. 1483 – Protecting Investors’ PII Act
- Prohibits the Securities and Exchange Commission from requiring that personally identifiable information (PII) be collected under Consolidated Audit Trail reporting requirements.
- Eliminates the potential for both accidental and intentional breaches by restricting the SEC’s automatic collection of investors’ PII.
