[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3783 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 3783

To amend the Securities Exchange Act of 1934 to provide the Securities 
    and Exchange Commission with the authority to contract for the 
  collection of delinquent claims resulting from judgments or orders 
                      obtained by the Commission.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 8, 2009

  Mr. Posey (for himself, Mr. Bachus, Mr. Putnam, and Mrs. Bachmann) 
 introduced the following bill; which was referred to the Committee on 
                           Financial Services

_______________________________________________________________________

                                 A BILL


 
To amend the Securities Exchange Act of 1934 to provide the Securities 
    and Exchange Commission with the authority to contract for the 
  collection of delinquent claims resulting from judgments or orders 
                      obtained by the Commission.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``SEC Delinquent Judgment Collection 
Act''.

SEC. 2. AUTHORITY TO CONTRACT FOR COLLECTION OF DELINQUENT JUDGMENTS 
              AND ORDERS.

    Subsection (b) of section 4 of the Securities Exchange Act of 1934 
(15 U.S.C. 78d(b)) is amended--
            (1) in the heading of such subsection, by striking ``and 
        Leasing Authority'' and inserting ``, Leasing Authority, and 
        Contracting Authority''; and
            (2) by adding at the end the following new paragraph:
            ``(4) Contracting authority.--
                    ``(A) In general.--Notwithstanding any other 
                provision of law, the Commission is authorized to enter 
                into contracts to assist in the collection of any claim 
                of indebtedness resulting from any judgment or order 
                (either by litigation or settlement) obtained by the 
                Commission in any judicial action or administrative 
                proceeding brought by or on behalf of the Commission. 
                This authority includes, but is not limited to, the 
                retention of private legal counsel to furnish legal 
                services, including representation in litigation, 
                negotiation, compromise, and settlement. Private 
                counsel retained under this paragraph may represent the 
                Commission in such debt collection matters to the same 
                extent as the Commission may represent itself.
                    ``(B) Terms and conditions of contract.--Each such 
                contract shall include such terms and conditions as the 
                Commission considers necessary and appropriate, and 
                shall include provisions specifying--
                            ``(i) the amount of the fee to be paid 
                        under such contract or the method for 
                        calculating that fee;
                            ``(ii) that the Commission retains the 
                        authority to represent itself, resolve a 
                        dispute, compromise a claim, end collection 
                        efforts, and refer a matter to other counsel or 
                        to the Attorney General; and
                            ``(iii) that the Commission may terminate 
                        either the contract or the private counsel's 
                        representation of the Commission in particular 
                        cases for any reason, including for the 
                        convenience of the Commission.
                    ``(C) Payment of fees.--Notwithstanding section 
                3302(b) of title 31, United States Code, a contract 
                under this paragraph may provide that fees and costs 
                incurred by private counsel under such contracts are 
                payable from the amounts recovered.
                    ``(D) Competition required.--Nothing in this 
                paragraph shall relieve the Commission of the 
                competition requirements set forth in title III of the 
                Federal Property and Administrative Services Act of 
                1949 (41 U.S.C. 251 et seq.).
                    ``(E) Counterclaims.--In any action to recover 
                indebtedness which is brought on behalf of the 
                Commission by private counsel retained under this 
                paragraph, no counterclaim may be asserted against the 
                Commission unless the counterclaim is served directly 
                on the Commission. Such service shall be made in 
                accordance with the rules of procedure of the court in 
                which the action is brought.''.
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