S. 3735 — Introduced in Senate

II 118th CONGRESS 2d Session S. 3735 IN THE SENATE OF THE UNITED STATES February 6, 2024Mr. Cruz (for himself, Mr. Hagerty, and Mr. Rounds) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To prohibit the Securities and Exchange Commission from finalizing, implementing, or enforcing a proposed rule with respect to conflicts of interest associated with the use of predictive data analytics by broker-dealers and investment advisers, and for other purposes. 1. Short title This Act may be cited as the Protecting Innovation in Investment Act. 2. Prohibition against finalizing, implementing, or enforcing a proposed rule with respect to conflicts of interest associated with the use of predictive data analytics by broker-dealers and investment advisers The Securities and Exchange Commission may not finalize, implement, or enforce— (1) the proposed rule of the Commission entitled Conflicts of Interest Associated With the Use of Predictive Data Analytics by Broker-Dealers and Investment Advisers (88 Fed. Reg. 53960 (August 9, 2023)); or (2) any rule that is substantially similar to the rule described in paragraph (1).