3.0.0 2798 2023-01-11T13:18:51Z 2023-01-11T13:18:51Z House H HR 2009-06-10 111 hsba00 Financial Services Committee House Standing Referred to 2009-06-10T14:03:45Z 2009-06-10 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2009-06-10 Introduced in House IntroReferral Intro-H 9 Library of Congress 2009-06-10 Introduced in House IntroReferral 1000 9 Library of Congress A000363 Rep. Arcuri, Michael A. [D-NY-24] Michael Arcuri D NY A. 24 N M001171 Rep. Maffei, Daniel B. [D-NY-25] Daniel Maffei D NY B. 25 2009-06-10 True Finance and Financial Sector Advisory bodies Banking and financial institutions regulation Bankruptcy Civil actions and liability Consumer affairs Executive agency funding and structure Financial services and investments Fraud offenses and financial crimes International law and treaties International monetary system and foreign exchange Securities Securities and Exchange Commission (SEC) Specialized courts U.S. and foreign investments Finance and Financial Sector 00 2009-06-10 Introduced in House 2009-09-15T20:20:22Z Support Investment Protection for Customers Reform Act of 2009 - Amends the Securities Investor Protection Act to increase from $100,000 to $250,000 (with inflation adjustments) the amount of an investor's net equity claim for cash that the Securities Investor Protection Corporation (SIPC) (a nonprofit, nongovernment, membership corporation funded by its broker-dealer members) insures in the event the investor's broker-dealer becomes insolvent.

Increases the federal line of credit available to the SIPC.

Increases from $150 to $1,000 the minimum annual assessment paid by SIPC members.

Allows the SIPC to appoint itself or one of its employees as trustee, without regard to the amount of liabilities to unsecured general creditors and to subordinated lenders involved, if there appear to be fewer than 5,000 (currently 500) customers of a broker-dealer member facing liquidation.

Prohibits SIPC advances to the insiders of failed or failing broker-dealers.

Raises the aggregate customer claim limit on the SIPC's authority to use the direct payment procedure rather than instituting a liquidation proceeding with regard to failed or failing members.

Increases the maximum fine imposed on SIPC members that engage in certain prohibited acts.

Establishes civil liability and criminal penalties for misrepresentations of SIPC membership or protection.

Creates, within the Office of Inspector General of the Securities and Exchange Commission (SEC), a Commission on International Financial Fraud to study the potential structure of, and benefits of establishing, an international financial court and process for the adjudication of financial fraud cases.

]]> Support Investment Protection for Customers Reform Act of 2009 Display Title Support Investment Protection for Customers Reform Act of 2009 Official Title as Introduced To increase securities protection coverage in the event of stolen or missing assets, and for other purposes. Introduced in House IH Short Titles as Introduced Support Investment Protection for Customers Reform Act of 2009 Introduced in House 2009-06-10T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111hr2798ih/xml/BILLS-111hr2798ih.xml 2009-06-10 Referred to the House Committee on Financial Services. text/xml EN 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. Congressional Research Service, Library of Congress 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.