House Lawmakers Pressure SEC to Postpone CAT
Congress has "serious concerns" about the SEC's ability to safeguard data, politicians say.
Jeb Hensarling (R-TX), the chair of the powerful House Financial Services Committee, made the demand of Securities and Exchange Commission (SEC) chairman Jay Clayton, following an open hearing on October 4.
The Consolidated Audit Trail (CAT) is a project that aims to provide a single repository of information on market activity and is currently being built by Thesys Technologies after a lengthy competitive bidding process. The system is due to be implemented on November 15, but Hensarling said
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