[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1259 Introduced in House (IH)]

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116th CONGRESS
  1st Session
                                H. R. 1259

  To authorize private parties to compel the Securities and Exchange 
  Commission to seek sanctions by filing civil actions, and for other 
                               purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                           February 14, 2019

Mr. Davidson of Ohio (for himself, Mr. Hill of Arkansas, Mr. Banks, Mr. 
    Kevin Hern of Oklahoma, Mr. Norman, Mr. LaMalfa, and Mr. Posey) 
 introduced the following bill; which was referred to the Committee on 
                           Financial Services

_______________________________________________________________________

                                 A BILL


 
  To authorize private parties to compel the Securities and Exchange 
  Commission to seek sanctions by filing civil actions, and for other 
                               purposes.

    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 ``Due Process Restoration Act of 
2019''.

SEC. 2. PRIVATE PARTIES AUTHORIZED TO COMPEL THE SECURITIES AND 
              EXCHANGE COMMISSION TO SEEK SANCTIONS BY FILING CIVIL 
              ACTIONS.

    Title I of the Securities Exchange Act of 1934 (15 U.S.C. 78a et 
seq.) is amended by adding at the end the following:

``SEC. 41. PRIVATE PARTIES AUTHORIZED TO COMPEL THE COMMISSION TO SEEK 
              SANCTIONS BY FILING CIVIL ACTIONS.

    ``(a) Termination of Administrative Proceeding.--In the case of any 
person who is a party to a proceeding brought by the Commission under a 
securities law, to which section 554 of title 5, United States Code, 
applies, and against whom an order imposing a cease and desist order 
and a penalty may be issued at the conclusion of the proceeding, that 
person may, not later than 20 days after receiving notice of such 
proceeding, and at that person's discretion, require the Commission to 
terminate the proceeding.
    ``(b) Civil Action Authorized.--If a person requires the Commission 
to terminate a proceeding pursuant to subsection (a), the Commission 
may bring a civil action against that person for the same remedy that 
might be imposed.
    ``(c) Venue.--An action brought by the Commission under subsection 
(b) may be brought only in accordance with the requirements relating to 
venue under section 1391 of title 28, United States Code.''.
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