[Congressional Record Volume 164, Number 40 (Wednesday, March 7, 2018)]
[Senate]
[Page S1483]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2108. Mr. MERKLEY submitted an amendment intended to be proposed 
by him to the bill S. 2155, to promote economic growth, provide 
tailored regulatory relief, and enhance consumer protections, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the end of title III, add the following:

     SEC. 308. CONFLICTS OF INTEREST RELATING TO CERTAIN 
                   SECURITIZATIONS.

       (a) In General.--Section 621(b) of the Dodd-Frank Wall 
     Street Reform and Consumer Protection Act (Public Law 111-
     203; 15 U.S.C. 77z-2a note) is amended to read as follows:
       ``(b) Effective Date.--Section 27B of the Securities Act of 
     1933, as added by this section, shall take effect on the date 
     of enactment of this Act.''.
       (b) Private Right of Action.--Section 27B of the Securities 
     Act of 1933 (15 U.S.C. 77z-2a) is amended by adding at the 
     end the following:
       ``(e) Private Right of Action.--An investor aggrieved by a 
     violation of subsection (a) may bring an action in an 
     appropriate district court of the United States to recover 
     damages related to the material conflict of interest that 
     resulted from the transaction of the underwriter, placement 
     agent, initial purchaser, or sponsor, or any affiliate or 
     subsidiary of any such entity, of an asset-backed security, 
     as applicable.''.
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