June 3, 2020
Banking panel Republicans question security around financial audit trail
Senate Banking Republicans hammered on potential cybersecurity threats to the Consolidated Audit Trail being developed for the financial sector, despite guarded support from Chairman Mike Crapo (R-ID) for the now-nine-year initiative, and the backing of committee Democrats and industry groups.
At an oversight hearing Tuesday, Sens. Tom Cotton (R-AR), Mike Rounds (R-SD) and John Kennedy (R-LA) raised extensive cybersecurity concerns over a Securities and Exchange Commission initiative that sprang from the “flash crash” of the stock market in 2010...