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S. 484 (115th): U.S. Territories Investor Protection Act of 2017

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About the bill

A little-known loophole means not all investment companies are required to abide by federal registration and investor protection requirements, affecting some 3.7 million American citizens. Many lawmakers believe this loophole has outlived its usefulness. The U.S. Territories Investor Protection Act, S. 484 and H.R. 1366, would permanently close it.

What the bill does

In 1940, the Investment Company Act created an exemption for investment companies incorporated in U.S. territories such as Puerto Rico, Guam, and the Virgin Islands. The Securities and Exchange Commission (SEC) has long allowed the exemptions if a territorial company’s shares are sold only to residents of the territory where it’s located. That’s no small matter, as U.S. territories today total more than 3.7 million American citizens, exposing them to investment risks from which mainland …

Sponsor and status

Robert “Bob” Menendez

Sponsor. Senator for New Jersey. Democrat.

Read Text »
Last Updated: Sep 11, 2017
Length: 4 pages
Mar 1, 2017
115th Congress (2017–2019)
Enacted Via Other Measures

Provisions of this bill were incorporated into other bills which were enacted.

This bill was incorporated into:

S. 2155: Economic Growth, Regulatory Relief, and Consumer Protection Act
Enacted — Signed by the President on May 24, 2018. (compare text)

3 Cosponsors (2 Republicans, 1 Democrat)


Position statements

What legislators are saying

Senate Passes Menendez Bill to Protect Investors and Retirees in Puerto Rico
    — Sen. Robert “Bob” Menendez [D-NJ] (Sponsor) on Sep 12, 2017

Brown Opening Statement at Banking Committee Markup of Bipartisan Securities Bills
    — Sen. Sherrod Brown [D-OH] on Mar 9, 2017

Senate, House Committees Advance Menendez Bipartisan Bill Protecting Investors in Puerto Rico, U.S. Territories
    — Sen. Robert “Bob” Menendez [D-NJ] (Sponsor) on Mar 9, 2017

More statements at ProPublica Represent...


Mar 1, 2017

Bills and resolutions are referred to committees which debate the bill before possibly sending it on to the whole chamber.

Mar 9, 2017
Ordered Reported

A committee has voted to issue a report to the full chamber recommending that the bill be considered further. Only about 1 in 4 bills are reported out of committee.

Sep 11, 2017
Passed Senate (House next)

The bill was passed in a vote in the Senate. It goes to the House next. The vote was by Unanimous Consent so no record of individual votes was made.

S. 484 (115th) was a bill in the United States Congress.

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

Bills numbers restart every two years. That means there are other bills with the number S. 484. This is the one from the 115th Congress.

This bill was introduced in the 115th Congress, which met from Jan 3, 2017 to Jan 3, 2019. Legislation not passed by the end of a Congress is cleared from the books.

How to cite this information.

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“S. 484 — 115th Congress: U.S. Territories Investor Protection Act of 2017.” 2017. January 26, 2023 <>

Where is this information from?

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