H.R. 6531 (111th): Equitable Treatment of Investors Act

Introduced:
Dec 16, 2010 (111th Congress, 2009–2010)
Status:
Died (Referred to Committee)
Sponsor
Scott Garrett
Representative for New Jersey's 5th congressional district
Party
Republican
Text
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Last Updated
Dec 16, 2010
Length
8 pages
Related Bills
H.R. 757 (112th) was a re-introduction of this bill in a later Congress.

Referred to Committee
Last Action: Feb 17, 2011

 
Status

This bill was introduced on December 16, 2010, in a previous session of Congress, but was not enacted.

Progress
Introduced Dec 16, 2010
Referred to Committee Dec 16, 2010
 
Full Title

To amend the Securities Investor Protection Act of 1970 to determine a customer's net equity based on the customer's last statement, to prohibit certain recoveries, to change how trustees are appointed, and for other purposes.

Summary

No summaries available.

Cosponsors
2 cosponsors (2R) (show)
Committees

House Financial Services

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


12/16/2010--Introduced.
Equitable Treatment of Investors Act - Amends the Securities Investor Protection Act of 1970 to revise the definition of "net equity."
Declares also that, in determining net equity, the positions, options, and contracts of a customer held by the debtor, and any indebtedness of the customer to the debtor, shall be determined based on: (1) the information contained in the last statement received by the customer from the debtor before the filing date; and (2) any additional specific confirmations of the customer's positions, options, contracts, or indebtedness received after such last statement but before the filing date.
Prohibits reliance on the final statement of the debtor to customer, however, if the customer:
(1) knew the debtor was involved in fraudulent activity with respect to any of its customers; or
(2) as a registrant under the securities laws, or a person required to be so registered, knew, or should have known, that the debtor was involved in such a fraudulent activity and did not notify the Securities Investor Protection Corporation (SIPC), the Securities Exchange Commission (SEC), or law enforcement personnel that the debtor was so involved.
Prohibits a trustee in a liquidation proceeding from recovering any property transferred by the debtor to a customer before the filing date unless, at the time of such transfer, the customer meets the same critieria.
Transfers from SIPC to the SEC authority to nominate to a court persons for appointment as trustee for the liquidation of a debtor's business and as attorney for the trustee.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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