Sean Duffy: “I thank the chairman for all of his work and support on this legislation, as well as the gentleman from Arkansas (Mr.…”

“I thank the chairman for all of his work and support on this legislation, as well as the gentleman from Arkansas (Mr. Hill), for which my provision is made part of a larger package. I also thank the gentlemen from Georgia and Illinois, my good friends across the aisle, David Scott and Bill Foster, both of whom are cosponsors of the Protection of Source Code Act. It is a bipartisan bill. The recent cyber incidents at Equifax, SEC, and even at the NSA, has shown that all organizations are vulnerable to security risks. These incidents are a timely reminder of the risks that we face in this digital age. Given this reality, it is important for government agencies such as the SEC to rethink what they collect, how they collect it, how it is stored, and what they do with this information in the long run. The Protection of Source Code Act is a bipartisan bill intended to reduce some of the cybersecurity risks to our financial markets posed by the SEC when it gathers highly sensitive trading or source code information as part of their oversight duties. The Protection of Source Code Act establishes a process for the SEC with respect to requesting source code and other intellectual property that forms the basis of source code. It does not preclude the SEC from requesting data that it determines it needs for market oversight. It merely puts a process in place for how the SEC seeks access to certain intellectual property.…”