[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 3930 Introduced in Senate (IS)]

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117th CONGRESS
  2d Session
                                S. 3930

    To amend the Securities Exchange Act of 1934 to permit certain 
   defendants to remove administrative proceedings to Federal court.


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                   IN THE SENATE OF THE UNITED STATES

                             March 24, 2022

Ms. Lummis (for herself and Mr. Hagerty) introduced the following bill; 
which was read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

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                                 A BILL


 
    To amend the Securities Exchange Act of 1934 to permit certain 
   defendants to remove administrative proceedings to Federal court.

    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 ``Administrative Enforcement Fairness 
Act of 2022''.

SEC. 2. REMOVAL OF ADMINISTRATIVE PROCEEDINGS.

    The Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) is 
amended by inserting after section 27A (15 U.S.C. 78aa-1) the 
following:

``SEC. 27B. REMOVAL OF ADMINISTRATIVE PROCEEDINGS.

    ``(a) Definition.--In this section, the term `eligible respondent' 
means any respondent that does not act, or, at the time of the alleged 
misconduct, did not act as a registered broker or dealer, registered 
investment adviser, registered investment company, registered municipal 
securities dealer, registered nationally recognized statistical rating 
organization, registered government securities broker, registered 
government securities dealer, registered public accounting firm, or as 
a registered transfer agent.
    ``(b) Removal.--Any administrative proceeding brought by the 
Commission under this Act may be removed by the eligible respondent to 
the district court of the United States in accordance with section 1446 
of title 28, United States Code.''.
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