H.R. 757 (112th): Equitable Treatment of Investors Act

Introduced:
Feb 17, 2011 (112th Congress, 2011–2013)
Status:
Died (Referred to Committee)
See Instead:

H.R. 6695 (same title)
Referred to Committee — Dec 20, 2012

Sponsor
Scott Garrett
Representative for New Jersey's 5th congressional district
Party
Republican
Text
Read Text »
Last Updated
Feb 17, 2011
Length
9 pages
Related Bills
H.R. 6531 (111th) was a previous version of this bill.

Referred to Committee
Last Action: Dec 16, 2010

H.R. 6695 (Related)
Equitable Treatment of Investors Act

Referred to Committee
Last Action: Dec 20, 2012

 
Status

This bill was introduced on February 17, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced Feb 17, 2011
Referred to Committee Feb 17, 2011
 
Full Title

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

Summary

No summaries available.

Cosponsors
13 cosponsors (9R, 4D) (show)
Committees

House Financial Services

Capital Markets and Government Sponsored Enterprises

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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Citation

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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.


2/17/2011--Introduced.
Equitable Treatment of Investors Act - Amends the Securities Investor Protection Act of 1970 to revise the definition of "net equity."
States 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 registered broker, dealer, or investment adviser under specified 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), Securities and Exchange Commission (SEC), or law enforcement personnel that the debtor was so involved.
Prohibits a trustee in bankruptcy 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 criteria.
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

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

We’ll be looking for a source of summaries from the other side in the meanwhile.

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