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  <bill>
    <number>636</number>
    <updateDate>2023-01-15T21:48:58Z</updateDate>
    <updateDateIncludingText>2023-01-15T21:48:58Z</updateDateIncludingText>
    <originChamber>House</originChamber>
    <originChamberCode>H</originChamberCode>
    <type>HR</type>
    <introducedDate>2003-02-05</introducedDate>
    <congress>108</congress>
    <committees>
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        <systemCode>hsju00</systemCode>
        <name>Judiciary Committee</name>
        <chamber>House</chamber>
        <type>Standing</type>
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          <item>
            <systemCode>hsju03</systemCode>
            <name>Courts, Intellectual Property, and the Internet Subcommittee</name>
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              <item>
                <name>Referred to</name>
                <date>2003-03-06T20:38:17Z</date>
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        <activities>
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            <name>Referred to</name>
            <date>2003-02-05T20:06:30Z</date>
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      <item>
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        <name>Financial Services Committee</name>
        <chamber>House</chamber>
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            <name>Capital Markets Subcommittee</name>
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                <name>Referred to</name>
                <date>2003-02-27T20:37:57Z</date>
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        <actionDate>2003-03-06</actionDate>
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            <systemCode>hsju03</systemCode>
            <name>Courts, Intellectual Property, and the Internet Subcommittee</name>
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        <text>Referred to the Subcommittee on Courts, the Internet, and Intellectual Property.</text>
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        <actionDate>2003-02-27</actionDate>
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            <name>Capital Markets Subcommittee</name>
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        <text>Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.</text>
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      <item>
        <actionDate>2003-02-05</actionDate>
        <text>Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.</text>
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            <name>Judiciary Committee</name>
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      <item>
        <actionDate>2003-02-05</actionDate>
        <text>Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.</text>
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          <name>Library of Congress</name>
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      <item>
        <actionDate>2003-02-05</actionDate>
        <text>Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.</text>
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            <name>Financial Services Committee</name>
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        <text>Introduced in House</text>
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        <actionDate>2003-02-05</actionDate>
        <text>Introduced in House</text>
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    <sponsors>
      <item>
        <bioguideId>S001045</bioguideId>
        <fullName>Rep. Stupak, Bart [D-MI-1]</fullName>
        <firstName>BART</firstName>
        <lastName>STUPAK</lastName>
        <party>D</party>
        <state>MI</state>
        <district>1</district>
        <isByRequest>N</isByRequest>
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    </sponsors>
    <cosponsors>
      <item>
        <bioguideId>S001145</bioguideId>
        <fullName>Rep. Schakowsky, Janice D. [D-IL-9]</fullName>
        <firstName>JANICE</firstName>
        <lastName>SCHAKOWSKY</lastName>
        <party>D</party>
        <state>IL</state>
        <middleName>D.</middleName>
        <district>9</district>
        <sponsorshipDate>2003-06-09</sponsorshipDate>
        <isOriginalCosponsor>False</isOriginalCosponsor>
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    </cosponsors>
    <policyArea>
      <name>Finance and Financial Sector</name>
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    <subjects>
      <legislativeSubjects>
        <item>
          <name>Class actions (Civil procedure)</name>
        </item>
        <item>
          <name>Corporation directors</name>
        </item>
        <item>
          <name>Crime and Law Enforcement</name>
        </item>
        <item>
          <name>Damages</name>
        </item>
        <item>
          <name>Discovery (Law)</name>
        </item>
        <item>
          <name>District courts</name>
        </item>
        <item>
          <name>Evidence (Law)</name>
        </item>
        <item>
          <name>Fines (Penalties)</name>
        </item>
        <item>
          <name>Frivolous lawsuits</name>
        </item>
        <item>
          <name>Government Operations and Politics</name>
        </item>
        <item>
          <name>Information disclosure (Securities law)</name>
        </item>
        <item>
          <name>Injunctions</name>
        </item>
        <item>
          <name>Investment advisers</name>
        </item>
        <item>
          <name>Jurisdiction</name>
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        <item>
          <name>Law</name>
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        <item>
          <name>Legal fees</name>
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        <item>
          <name>Liability (Law)</name>
        </item>
        <item>
          <name>Limitation of actions</name>
        </item>
        <item>
          <name>Mutual funds</name>
        </item>
        <item>
          <name>Prosecution</name>
        </item>
        <item>
          <name>Securities fraud</name>
        </item>
        <item>
          <name>State courts</name>
        </item>
        <item>
          <name>State laws</name>
        </item>
        <item>
          <name>Stockholders</name>
        </item>
        <item>
          <name>Surety and fidelity</name>
        </item>
      </legislativeSubjects>
      <policyArea>
        <name>Finance and Financial Sector</name>
      </policyArea>
    </subjects>
    <summaries>
      <summary>
        <versionCode>00</versionCode>
        <actionDate>2003-02-05</actionDate>
        <actionDesc>Introduced in House</actionDesc>
        <updateDate>2006-11-28T17:35:40Z</updateDate>
        <text><![CDATA[Shareholder and Employee Rights Restoration Act of 2003 - Amends the Securities Act of 1933 governing private securities litigation to repeal: (1) certain limits on private class actions; (2) the safe harbor applied to forward-looking statements (corporate predictions); (3) proportionate liability of an outside director; and (4) specified limitations on class action remedies.<p>Amends the Securities Exchange Act of 1934 to repeal guidelines governing: (1) the safe harbor applied to corporate predictions; (2) limitations on class actions remedies; (3) court-ordered security for payment of costs in class actions; (4) motions to dismiss and stay of discovery; (5) sanctions for abusive litigation; (6) written interrogatories as to defendant's state of mind; (7) limitation on damages; and (8) proportionate liability.<p>Modifies guidelines governing a securities fraud action to prohibit a complaint that is based upon information and belief from specifying the source of the facts upon which such belief is formed (thus granting whistle blower protection).<p>Amends the Securities Act of 1933 and the Investment Advisers Act of 1940 to establish liability for aiding and abetting securities violations.<p>Amends the Securities Exchange Act of 1934 to modify guidelines governing aiding and abetting.<p>Extends the statute of limitations for an implied private right of action to three years after the date on which the alleged violation was discovered.]]></text>
      </summary>
    </summaries>
    <title>Shareholder and Employee Rights Restoration Act of 2003</title>
    <titles>
      <item>
        <titleType>Display Title</titleType>
        <title>Shareholder and Employee Rights Restoration Act of 2003</title>
      </item>
      <item>
        <titleType>Official Title as Introduced</titleType>
        <title>To repeal the provisions of the Private Securities Litigation Reform Act and the Securities Litigation Uniform Standards Act that limit private securities actions, and for other purposes.</title>
        <billTextVersionName>Introduced in House</billTextVersionName>
        <billTextVersionCode>IH</billTextVersionCode>
      </item>
      <item>
        <titleType>Short Titles as Introduced</titleType>
        <title>Shareholder and Employee Rights Restoration Act of 2003</title>
      </item>
    </titles>
    <textVersions>
      <item>
        <type>Introduced in House</type>
        <date>2003-02-05T05:00:00Z</date>
        <formats/>
      </item>
    </textVersions>
    <latestAction>
      <actionDate>2003-03-06</actionDate>
      <text>Referred to the Subcommittee on Courts, the Internet, and Intellectual Property.</text>
    </latestAction>
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    <dc:language>EN</dc:language>
    <dc:rights>Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.</dc:rights>
    <dc:contributor>Congressional Research Service, Library of Congress</dc:contributor>
    <dc:description>This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.</dc:description>
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