3.0.0 3482 2023-01-11T13:23:50Z 2023-01-11T13:23:50Z House H HR 2013-11-14 113 [Pages H7252-H7253]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. JOHNSON of Ohio:H.R. 3542.Congress has the power to enact this legislation pursuantto the following:According to Article I, Section 8, Clause 3 of theConstitution: The Congress shall have power to enact thislegislation to regulate commerce with foreign nations, andamong the several states, and with the Indian tribes.[[Page H7253]]ADDITIONAL SPONSORSUnder clause 7 of rule XII, sponsors were added to public bills andresolutions as follows:H.R. 120: Ms. Edwards.H.R. 259: Mr. Kingston.H.R. 270: Mr. Ellison and Mr. Honda.H.R. 274: Mr. Keating.H.R. 351: Mr. McKeon.H.R. 543: Mr. Bishop of New York.H.R. 647: Mr. Mulvaney, Mr. Austin Scott of Georgia, Mr.Collins of Georgia, and Ms. Jackson Lee.H.R. 669: Mrs. Christensen.H.R. 676: Ms. McCollum.H.R. 685: Mr. Vela, Mr. Messer, Mr. Duncan of Tennessee,and Mrs. McMorris Rodgers.H.R. 713: Mr. Gibbs, Mrs. Wagner, Mr. LaMalfa, and Mr.Honda.H.R. 715: Mr. McNerney and Mr. Perlmutter.H.R. 809: Mr. Fincher.H.R. 919: Mr. Ryan of Ohio.H.R. 997: Mr. Latham and Mrs. Miller of Michigan.H.R. 1020: Ms. Foxx.H.R. 1024: Mr. Barrow of Georgia.H.R. 1124: Mrs. Beatty.H.R. 1179: Mr. Cohen and Mrs. Christensen.H.R. 1199: Mr. Garcia.H.R. 1209: Mr. Gibbs, Mr. Graves of Georgia, Mr. Pittenger,Mr. Ben Ray Lujan of New Mexico, Mr. King of New York, andMs. Fudge.H.R. 1248: Mr. Bachus.H.R. 1310: Mr. Lamborn.H.R. 1339: Mr. Lipinski and Mrs. Capito.H.R. 1428: Mr. Price of North Carolina.H.R. 1429: Mr. Bishop of New York.H.R. 1449: Mr. Ross, Mr. Diaz-Balart, Mrs. Lummis, and Mr.Southerland.H.R. 1461: Mr. Hunter and Mr. Nugent.H.R. 1518: Mr. Rodney Davis of Illinois, Mr. Crenshaw, andMr. Bilirakis.H.R. 1563: Ms. Frankel of Florida, Ms. Wasserman Schultz,and Mr. Graves of Missouri.H.R. 1601: Mr. Cartwright.H.R. 1616: Mr. Gibson.H.R. 1666: Ms. Michelle Lujan Grisham of New Mexico, Mr.Lipinski, and Ms. Eshoo.H.R. 1717: Mr. David Scott of Georgia and Ms. Kuster.H.R. 1726: Ms. Frankel of Florida.H.R. 1761: Mr. Roe of Tennessee.H.R. 1779: Mr. Peterson.H.R. 1830: Ms. Esty.H.R. 1851: Ms. Kuster and Mr. Horsford.H.R. 1852: Mr. Ross, Mr. Diaz-Balart, Mrs. Lummis, Mr.Labrador, and Ms. Brownley of California.H.R. 1869: Mr. Wittman.H.R. 1878: Ms. Frankel of Florida.H.R. 1920: Mr. Rigell.H.R. 1985: Mr. Goodlatte.H.R. 1992: Mr. Kinzinger of Illinois and Mr. Sires.H.R. 2027: Mr. Cassidy.H.R. 2028: Mr. Tierney.H.R. 2144: Mr. Duncan of South Carolina.H.R. 2305: Mr. Thompson of Pennsylvania.H.R. 2385: Mrs. Wagner.H.R. 2446: Mrs. Wagner.H.R. 2553: Ms. Moore, Ms. Schwartz, Ms. Titus, and Mr.George Miller of California.H.R. 2560: Mr. Rangel.H.R. 2607: Mrs. Carolyn B. Maloney of New York, Mr. Israel,and Mr. Pocan.H.R. 2619: Mr. Lowenthal.H.R. 2663: Mr. Ross.H.R. 2697: Mr. Bishop of New York, Ms. Kuster, and Mr.Johnson of Georgia.H.R. 2703: Mr. Doyle.H.R. 2725: Mr. Tiberi, Mr. Stutzman, and Ms. WassermanSchultz.H.R. 2785: Mr. Renacci.H.R. 2791: Mr. Gibson and Mr. Huizenga of Michigan.H.R. 2818: Mr. Grijalva.H.R. 2945: Mr. Roskam.H.R. 3040: Mr. Gene Green of Texas.H.R. 3105: Mr. Goodlatte and Mr. Cotton.H.R. 3111: Mr. Johnson of Ohio.H.R. 3121: Mr. Renacci.H.R. 3125: Mr. Butterfield, Mr. Braley of Iowa, Mr. DannyK. Davis of Illinois, Mr. Clay, Mr. Cohen, Mr. Rodney Davisof Illinois, and Mr. Loebsack.H.R. 3135: Ms. McCollum.H.R. 3143: Mr. Israel.H.R. 3163: Mr. Moran.H.R. 3169: Mr. Burgess.H.R. 3189: Mr. Poe of Texas.H.R. 3206: Ms. Frankel of Florida.H.R. 3211: Mr. Fitzpatrick.H.R. 3240: Mr. Foster.H.R. 3297: Ms. Schakowsky.H.R. 3299: Mr. Ribble, Mr. Harris, Mr. Bentivolio, Mr.Boustany, and Mr. Roskam.H.R. 3303: Mr. Bilirakis.H.R. 3308: Mr. Pittenger.H.R. 3309: Mr. Johnson of Ohio and Mr. Larsen ofWashington.H.R. 3322: Mr. Rangel.H.R. 3327: Mrs. Bustos.H.R. 3333: Mr. Pet[...]]]> hsba00 Financial Services Committee House Standing hsba16 Capital Markets Subcommittee Hearings by 2013-11-21T18:42:24Z Referred to 2013-11-14T15:00:44Z Restoring Main Street Investor Protection and Confidence Act 113 1725 S 2013-11-19 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Identical bill CRS 2013-11-21 hsba16 Capital Markets Subcommittee 1 House committee actions Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral. Committee 2013-11-14 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2013-11-14 Introduced in House IntroReferral Intro-H 9 Library of Congress 2013-11-14 Introduced in House IntroReferral 1000 9 Library of Congress G000548 Rep. Garrett, Scott [R-NJ-5] Scott Garrett R NJ 5 N M000087 Rep. Maloney, Carolyn B. [D-NY-12] CAROLYN MALONEY D NY B. 12 2013-11-14 True K000210 Rep. King, Peter T. [R-NY-2] PETER KING R NY T. 2 2013-11-14 True L000569 Rep. Luetkemeyer, Blaine [R-MO-3] Blaine Luetkemeyer R MO 3 2013-11-14 True H001047 Rep. Himes, James A. [D-CT-4] James Himes D CT A. 4 2013-11-14 True B001256 Rep. Bachmann, Michele [R-MN-6] Michele Bachmann R MN 6 2013-11-14 True W000796 Rep. Westmoreland, Lynn A. [R-GA-3] Lynn Westmoreland R GA A. 3 2013-11-14 True G000553 Rep. Green, Al [D-TX-9] Al Green D TX 9 2013-11-14 True H001060 Rep. Hurt, Robert [R-VA-5] Robert Hurt R VA 5 2013-11-14 True F000458 Rep. Fincher, Stephen Lee [R-TN-8] Stephen Fincher R TN Lee 8 2013-11-14 True M000309 Rep. McCarthy, Carolyn [D-NY-4] CAROLYN MCCARTHY D NY 4 2013-11-14 True M001182 Rep. Mulvaney, Mick [R-SC-5] Mick Mulvaney R SC 5 2013-11-14 True R000593 Rep. Ross, Dennis A. [R-FL-15] Dennis Ross R FL A. 15 2013-11-14 True W000812 Rep. Wagner, Ann [R-MO-2] Ann Wagner R MO 2 2013-11-14 True M001191 Rep. Murphy, Patrick [D-FL-18] Patrick Murphy D FL 18 2013-11-14 True C001075 Rep. Cassidy, Bill [R-LA-6] Bill Cassidy R LA 6 2013-11-14 True S000250 Rep. Sessions, Pete [R-TX-32] PETE SESSIONS R TX 32 2013-11-14 True R000435 Rep. Ros-Lehtinen, Ileana [R-FL-27] ILEANA ROS-LEHTINEN R FL 27 2013-11-14 True D000610 Rep. Deutch, Theodore E. [D-FL-21] Theodore Deutch D FL E. 21 2013-11-14 True M001157 Rep. McCaul, Michael T. [R-TX-10] Michael McCaul R TX T. 10 2013-11-14 True H001045 Rep. Harper, Gregg [R-MS-3] Gregg Harper R MS 3 2013-11-14 True C001048 Rep. Culberson, John Abney [R-TX-7] JOHN CULBERSON R TX ABNEY 7 2013-11-14 True D000533 Rep. Duncan, John J., Jr. [R-TN-2] JOHN DUNCAN R TN J. 2 2013-11-14 True B001255 Rep. Boustany, Charles W., Jr. [R-LA-3] Charles Boustany R LA W. 3 2013-11-14 True G000567 Rep. Griffin, Tim [R-AR-2] Tim Griffin R AR 2 2013-11-14 True P000606 Rep. Pittenger, Robert [R-NC-9] Robert Pittenger R NC 9 2013-11-19 False M001158 Rep. Marchant, Kenny [R-TX-24] Kenny Marchant R TX 24 2013-11-21 False B001260 Rep. Buchanan, Vern [R-FL-16] Vern Buchanan R FL 16 2013-12-04 False R000589 Rep. Rigell, E. Scott [R-VA-2] E. Rigell R VA Scott 2 2013-12-04 False I000057 Rep. Israel, Steve [D-NY-3] STEVE ISRAEL D NY 3 2013-12-04 False O000168 Rep. Olson, Pete [R-TX-22] Pete Olson R TX 22 2013-12-04 False R000588 Rep. Richmond, Cedric L. [D-LA-2] Cedric Richmond D LA L. 2 2013-12-04 False S001162 Rep. Schwartz, Allyson Y. [D-PA-13] Allyson Schwartz D PA Y. 13 2013-12-04 False P000592 Rep. Poe, Ted [R-TX-2] Ted Poe R TX 2 2013-12-04 False N000186 Rep. Nunnelee, Alan [R-MS-1] Alan Nunnelee R MS 1 2013-12-11 False H000636 Rep. Hinojosa, Ruben [D-TX-15] RUBEN HINOJOSA D TX 15 2014-01-16 False B001242 Rep. Bishop, Timothy H. [D-NY-1] Timothy Bishop D NY H. 1 2014-01-16 False C001068 Rep. Cohen, Steve [D-TN-9] Steve Cohen D TN 9 2014-01-16 False P000601 Rep. Palazzo, Steven M. [R-MS-4] Steven Palazzo R MS M. 4 2014-02-03 False T000470 Rep. Tipton, Scott R. [R-CO-3] Scott Tipton R CO R. 3 2014-02-03 False Y000063 Rep. Yoder, Kevin [R-KS-3] Kevin Yoder R KS 3 2014-02-27 False M001192 Rep. McAllister, Vance M. [R-LA-5] Vance McAllister R LA M. 5 2014-02-28 False G000549 Rep. Gerlach, Jim [R-PA-6] Jim Gerlach R PA 6 2014-03-04 False F000462 Rep. Frankel, Lois [D-FL-22] Lois Frankel D FL 22 2014-03-06 False B001280 Rep. Bentivolio, Kerry L. [R-MI-11] Kerry Bentivolio R MI L. 11 2014-04-04 False S001179 Rep. Schock, Aaron [R-IL-18] Aaron Schock R IL 18 2014-04-09 False S001176 Rep. Scalise, Steve [R-LA-1] Steve Scalise R LA 1 2014-04-30 False L000567 Rep. Lance, Leonard [R-NJ-7] Leonard Lance R NJ 7 2014-05-19 False H000324 Rep. Hastings, Alcee L. [D-FL-20] ALCEE HASTINGS D FL L. 20 2014-06-24 False B001248 Rep. Burgess, Michael C. [R-TX-26] Michael Burgess R TX C. 26 2014-07-10 False S001170 Rep. Shea-Porter, Carol [D-NH-1] Carol Shea-Porter D NH 1 2014-07-15 False S000522 Rep. Smith, Christopher H. [R-NJ-4] CHRISTOPHER SMITH R NJ H. 4 2014-07-31 False G000377 Rep. Granger, Kay [R-TX-12] KAY GRANGER R TX 12 2014-09-10 False M001179 Rep. Marino, Tom [R-PA-10] Tom Marino R PA 10 2014-09-10 False D000600 Rep. Diaz-Balart, Mario [R-FL-25] Mario Diaz-Balart R FL 25 2014-09-15 False C001095 Rep. Cotton, Tom [R-AR-4] Tom Cotton R AR 4 2014-09-16 False Finance and Financial Sector Accounting and auditing Bankruptcy Business records Consumer affairs Executive agency funding and structure Financial services and investments Fraud offenses and financial crimes Government corporations and government-sponsored enterprises Government information and archives Judicial procedure and administration Legal fees and court costs Securities Securities and Exchange Commission (SEC) Finance and Financial Sector 00 2013-11-14 Introduced in House 2013-12-18T22:25:13Z Restoring Main Street Investor Protection and Confidence Act - Amends the Securities Investor Protection Act of 1970 to revise the definition of "net equity."

Bases the determination of net equity, the positions, options, and contracts of a customer reported to the customer as held by the debtor, and any indebtedness of the customer to the debtor, upon: (1) the information contained in the last statement issued by the debtor to the customer before the filing date; and (2) any additional written confirmations of the customer's positions, options, contracts, or indebtedness received after such last statement but before the filing date.

Makes an exception to this requirement when a debtor's records indicate a higher value. Requires determination of the customer's net equity using the debtor's books and records instead of the customer's last statement when the debtor's books and records indicate that the net value of a customer's positions, options, and contracts reported to the customer as held by the debtor, and any indebtedness of the customer to the debtor, is greater than the customer's net value as calculated on the basis specified by this Act.

Prohibits reliance on the final statement of the debtor to customer, however, if the customer: (1) knew the debtor was involved in fraudulent activity with respect to any of its customers which reasonably indicated a fraud adversely affecting a substantial number of customers; or (2) as a registered broker, dealer, or investment adviser under specified securities laws, or a person required to be so registered, knew, or should have known, that the debtor was involved in a fraudulent activity and did not notify the Securities Investor Protection Corporation (SIPC), the Securities and Exchange Commission (SEC), or law enforcement personnel.

Prohibits a trustee in bankruptcy in a liquidation proceeding from recovering any property transferred by the debtor to a customer before the filing date unless, at the time of such transfer, the customer meets the same criteria regarding actual or constructive knowledge of the debtor's involvement in fraudulent activity.

Prescribes alternative methodologies for allocation of customer property to customers by a trustee in a liquidation proceeding. Requires public notice and comment as a prerequisite to court approval of a proposed allocation methodology.

Transfers from the SIPC to the SEC authority to nominate to a court persons for appointment as trustee for the liquidation of a debtor's business and as attorney for the trustee.

Prohibits a trustee from serving in multiple liquidations if the trustee is currently serving as such under this Act for the liquidation of the business of another debtor.

Sets forth requirements for trustee and attorney compensation.

Requires the SIPC to issue quarterly public reports on its payments to the trustee, as well as all other costs in connection with the liquidation proceeding.

Defines as a "customer" of the debtor under such Act: (1) any person that had cash or securities that were converted or otherwise misappropriated by the debtor (or any person who controls, is controlled by, or is under common control with the debtor, if such person was operating through the debtor), irrespective of whether the debtor held or otherwise had custody, possession, or control of that cash or securities; and (2) any other person the SIPC deems a customer of the debtor.

Authorizes the Securities and Exchange Commission (SEC) as well as the SIPC (as under current law) to apply for a protective decree on an SIPC member's behalf with any court of competent jurisdiction.

Prescribes the timing of: (1) SIPC advances, and (2) payments to customers.

Conditions the SEC authorization to make loans to the SIPC upon an SEC determination that the SIPC is unable to borrow in the public debt markets at reasonable terms (both as to yield and maturity).

Requires the SEC to inspect SIPC members periodically to ensure that the information they provide to customers is accurate.

Requires the self-regulatory organization to which an SIPC member belongs, or in which it is a participant, to inspect or examine the member to assess its financial stability as well as ensure that the information the member provides to customers is accurate.]]>

Restoring Main Street Investor Protection and Confidence Act Display Title Restoring Main Street Investor Protection and Confidence Act Official Title as Introduced To amend the Securities Investor Protection Act of 1970 to confirm that a customer's net equity claim is based on the customer's last statement and that certain recoveries are prohibited, to change how trustees are appointed, and for other purposes. Introduced in House IH Short Titles as Introduced Restoring Main Street Investor Protection and Confidence Act Introduced in House 2013-11-14T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr3482ih/xml/BILLS-113hr3482ih.xml 2013-11-21 Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral. 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.