Legislation introduced by U.S. Reps. Kyrsten Sinema (D-AZ) and Robert Hurt (R-VA) to abolish a minor reporting requirement for the U.S. Securities and Exchange Commission (SEC) unanimously passed the House of Representatives last week.

The measure, the Securities and Exchange Commission Reporting Modernization Act, would repeal prior authorization for the SEC to have access to and obtain copies of - or the information contained in -  a customer’s financial records from a financial institution “without prior notice to the customer upon an ex parte showing to an appropriate U.S. district court that the SEC seeks such records pursuant to a subpoena, if certain circumstances exist and certain requirements are met.”

“This annual report is a waste of taxpayer dollars and a paperwork burden that diverts time and resources from protecting investors,” Sinema said. “This legislation received support from both sides of the aisle because it’s a common sense solution that makes our financial markets work for investors in Arizona and across the country.” 

Sinema, who also serves on the House Financial Services Committee, introduced the measure in July. The legislation has now been referred to the Senate’s Banking, Housing and Urban Affairs Committee.