SEC cybersecurity bill sails through House Financial Services panel

The House Financial Services Committee has overwhelmingly approved a bill directing the Securities and Exchange Commission to examine and further develop its internal cybersecurity risk controls before beginning to collect massive amounts of data under a new program called the Consolidated Audit Trail.

The bill, sponsored by Rep. Warren Davidson (R-OH) and co-sponsored by Rep. Brad Sherman (D-CA), was approved 59-1 in committee, with only Rep. Stephen Lynch (D-MA) voting against it.

The bill amends the Securities and Exchange...