3.0.0 827 2022-11-15T16:35:01Z 2022-11-15T16:35:01Z House H HR 2013-02-26 113 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. CASSIDY:H.R. 827.Congress has the power to enact this legislation pursuantto the following: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 H660]]]> hsba00 Financial Services Committee House Standing Referred to 2013-02-26T15:02:20Z 2013-02-26 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2013-02-26 Introduced in House IntroReferral Intro-H 9 Library of Congress 2013-02-26 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-21] Theodore Deutch D FL E. 21 2013-02-26 True Finance and Financial Sector Civil actions and liability Consumer affairs Financial services and investments Judicial review and appeals Securities Finance and Financial Sector 00 2013-02-26 Introduced in House 2013-04-04T18:36:03Z Improving Security for Investors and Providing Closure Act of 2013 or Improving SIPC Act of 2013 - 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 SIPC refuses to commit funds or otherwise act for the protection of customers of any SIPC member (debtor broker or dealer).

Authorizes SIPC, at the time the SEC action initiates such action, to allow all customers of the debtor broker or dealer to elect to receive a one-time payment from the SIPC Fund.

Prescribes procedures for such customer election. Limits the amount paid to a customer under such election to the lesser of: (1) the customer's net equity claim against the debtor, and (2) a $500,000 cap on one-time payments.

Subrogates SIPC to all rights of the customer receiving a one-time payment against the debtor once the customer recovers an amount equal to the customer's net equity claim 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.

Permits a person prevented from making an election under this Act because SIPC does not identify such person as a customer of the debtor to challenge that determination in federal district court.

]]> Improving SIPC Act of 2013 Display Title Improving SIPC Act of 2013 Short Titles as Introduced Improving SIPC Act of 2013 Short Titles as Introduced Improving Security for Investors and Providing Closure Act of 2013 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 2013-02-26T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr827ih/xml/BILLS-113hr827ih.xml 2013-02-26 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.