[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4344 Referred in Senate (RFS)]

<DOC>
116th CONGRESS
  1st Session
                                H. R. 4344


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           November 19, 2019

Received; read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 AN ACT


 
 To amend the Securities Exchange Act of 1934 to allow the Securities 
      and Exchange Commission to seek and Federal courts to grant 
       disgorgement of unjust enrichment, 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 ``Investor Protection and Capital 
Markets Fairness Act''.

SEC. 2. ADDITIONAL RELIEF.

    (a) In General.--Section 21(d) of the Securities Exchange Act of 
1934 (15 U.S.C. 78u(d)) is amended by adding at the end the following:
            ``(7) Additional relief.--
                    ``(A) In general.--In any action or proceeding 
                brought or instituted by the Commission under any 
                provision of the securities laws, the Commission may 
                seek, and any Federal court may grant the following 
                additional relief:
                            ``(i) Disgorgement in the amount of any 
                        unjust enrichment obtained as a result of the 
                        act or practice with respect to which the 
                        Commission is bringing such an action or 
                        proceeding.
                            ``(ii) Injunctions, including officer and 
                        director bars.
                    ``(B) Rule of construction.--Additional relief 
                sought under this paragraph may not be construed to be 
                a civil fine, penalty, or forfeiture subject to chapter 
                163 of part VI of title 28, United States Code.
                    ``(C) Statute of limitations.--A Federal court may 
                not issue relief under this paragraph if the action or 
                proceeding brought or instituted by the Commission was 
                commenced more than 14 years after the alleged 
                violation.''.
    (b) Effective Date.--The amendment made by this section shall apply 
with respect to any actions or proceedings pending or commenced on or 
after the date of the enactment of this section.
    (c) Report.--
            (1) In general.--Not later than 10 years after the date of 
        the enactment of this Act, the Securities Exchange Commission 
        shall submit to Congress data about each enforcement action 
        brought by the Commission in the 10 years following the date of 
        the enactment of this Act.
            (2) Contents.--In submitting data pursuant to paragraph 
        (1), the Commission shall--
                    (A) with regard to each enforcement action--
                            (i) categorize the type of enforcement 
                        action;
                            (ii) categorize the type of issuer involved 
                        in the enforcement action;
                            (iii) identify the approximate duration of 
                        the misconduct that gave rise to the 
                        enforcement action; and
                            (iv) identify the approximate duration of 
                        the investigation; and
                    (B) identify the 10 enforcement actions with the 
                longest durations of misconduct that gave rise to 
                enforcement actions.

SEC. 3. DETERMINATION OF BUDGETARY EFFECTS.

    The budgetary effects of this Act, for the purpose of complying 
with the Statutory Pay-As-You-Go Act of 2010, shall be determined by 
reference to the latest statement titled ``Budgetary Effects of PAYGO 
Legislation'' for this Act, submitted for printing in the Congressional 
Record by the Chairman of the House Budget Committee, provided that 
such statement has been submitted prior to the vote on passage.

            Passed the House of Representatives November 18, 2019.

            Attest:

                                             CHERYL L. JOHNSON,

                                                                 Clerk.