3.0.0 4002 2022-03-01T06:43:08Z 2022-03-01T06:43:08Z House H HR 2012-02-09 112 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]Mr. CASSIDY:H.R. 4002.Congress has the power to enact this legislation pursuantto the following:Congress has the power to enact this legislation pursuantto Article 1, Section 8, Clause 3 of the Constitution of theUnited States, which authorizes Congress to regulate Commercewith foreign Nations, and among the several States, and withthe Indian Tribes.[Page H693]]]> hsba00 Financial Services Committee House Standing hsba16 Capital Markets Subcommittee Hearings by 2012-03-07T16:29:53Z Referred to 2012-02-23T21:27:58Z Referred to 2012-02-09T14:00:50Z 2012-03-07 hsba16 Capital Markets Subcommittee 1 House committee actions Subcommittee Hearings Held. Committee 2012-02-23 hsba16 Capital Markets Subcommittee 1 House committee actions Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises. Committee 2012-02-09 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2012-02-09 Introduced in House IntroReferral Intro-H 9 Library of Congress 2012-02-09 Introduced in House IntroReferral 1000 9 Library of Congress C001075 Rep. Cassidy, Bill [R-LA-6] Bill Cassidy R LA 6 N D000610 Rep. Deutch, Theodore E. [D-FL-19] Theodore Deutch D FL E. 19 2012-02-09 True H001045 Rep. Harper, Gregg [R-MS-3] Gregg Harper R MS 3 2012-02-09 True D000533 Rep. Duncan, John J., Jr. [R-TN-2] JOHN DUNCAN R TN J. 2 2012-02-09 True A000361 Rep. Alexander, Rodney [R-LA-5] Rodney Alexander R LA 5 2012-02-09 True W000807 Rep. West, Allen B. [R-FL-22] Allen West R FL B. 22 2012-02-09 True B001255 Rep. Boustany, Charles W., Jr. [R-LA-7] Charles Boustany R LA W. 7 2012-02-09 True C001048 Rep. Culberson, John Abney [R-TX-7] JOHN CULBERSON R TX ABNEY 7 2012-02-09 True M001157 Rep. McCaul, Michael T. [R-TX-10] Michael McCaul R TX T. 10 2012-02-09 True L000574 Rep. Landry, Jeffrey M. [R-LA-3] Jeffrey Landry R LA M. 3 2012-02-09 True S000250 Rep. Sessions, Pete [R-TX-32] PETE SESSIONS R TX 32 2012-02-09 True G000567 Rep. Griffin, Tim [R-AR-2] Tim Griffin R AR 2 2012-02-09 True H000324 Rep. Hastings, Alcee L. [D-FL-23] ALCEE HASTINGS D FL L. 23 2012-02-09 True F000458 Rep. Fincher, Stephen Lee [R-TN-8] Stephen Fincher R TN Lee 8 2012-09-10 False Finance and Financial Sector Civil actions and liability Consumer affairs Financial services and investments Securities Finance and Financial Sector 00 2012-02-09 Introduced in House 2012-04-11T21:02:05Z Improving Security for Investors and Providing Closure Act of 2012 or Improving SIPC Act of 2012 - Amends the Securities Investor Protection Act of 1970 with respect to any action in a U.S. district court by the Securities and Exchange Commission (SEC) against the Securities Investor Protection Corporation (SIPC) in the event that the SIPC refuses to commit its funds or otherwise act for the protection of customers of any SIPC member (debtor broker or dealer).

Authorizes the SIPC, at the time such an SEC action against it is initiated, to allow all customers of the debtor broker or dealer to elect to receive a one-time payment from the SIPC Fund to settle their net equity claims against the debtor.

Prescribes procedures for such a customer election. Limits the amount paid to a customer under this election to the customer's net equity claims against the debtor.

Caps at $500,000 the amount of a one-time payment the SIPC can make under this election.

Subrogates SIPC to all rights of the customer against the debtor, regardless of whether the one-time payment was in an amount to fully satisfy the customer's claims against the debtor.

Treats a certificate of deposit (CD) purchased by a person through an account with the debtor as cash deposited and held by the debtor in an amount equal to the amount the person paid for the CD, less any amounts paid to such person on the CD.

]]> Improving SIPC Act of 2012 Short Titles as Introduced Improving SIPC Act of 2012 Short Titles as Introduced Improving Security for Investors and Providing Closure Act of 2012 Display Title Improving SIPC Act of 2012 Official Title as Introduced To amend the Securities Investor Protection Act of 1970 to provide one-time payments from the SIPC Fund for customers during a pending lawsuit by the Securities and Exchange Commission against the Securities Investor Protection Corporation, and for other purposes. Introduced in House 2012-02-09T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr4002ih/xml/BILLS-112hr4002ih.xml 2012-03-07 Subcommittee Hearings Held. 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.