This bill directs the Government Accountability Office, the federal government's independent auditing agency, to conduct a comprehensive review of the Securities and Exchange Commission's information technology systems and data security practices within one year of the law's passage. The audit will examine how much the SEC spends on IT compared to other financial regulators, evaluate the quality of the SEC's technology contracts, assess whether the SEC's cybersecurity systems are adequate, and investigate any recent data breaches or hacking incidents that may have exposed vulnerabilities. After completing the audit, the GAO must submit a detailed report to the SEC, the House Financial Services Committee, and the Senate Banking Committee that includes findings and recommendations for improving the agency's technology infrastructure. The bill does not specify funding amounts, as the GAO operates under existing congressional appropriations. This legislation reflects congressional concern about whether the SEC, which oversees the nation's securities markets, has sufficient cybersecurity protections for sensitive financial data and market information.
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