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
115th Congress (2017–2019)
Provisions of this bill were incorporated into other bills which were enacted.
This bill was incorporated into:
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
History
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Sep 29, 2016
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Earlier Version —
Introduced
This activity took place on a related bill, S. 3467 (114th). |
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Mar 1, 2017
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Introduced
Bills and resolutions are referred to committees which debate the bill before possibly sending it on to the whole chamber. |
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Mar 9, 2017
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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. |
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May 1, 2017
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Companion Bill —
Passed House (Senate next)
This activity took place on a related bill, H.R. 1366 (115th), possibly in lieu of similar activity on S. 484 (115th). |
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Sep 11, 2017
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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. |
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Mar 14, 2018
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Final Bill —
Passed Senate (House next)
This activity took place on a related bill, S. 2155 (115th), possibly in lieu of similar activity on S. 484 (115th). |
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May 22, 2018
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Final Bill —
Passed House
This activity took place on a related bill, S. 2155 (115th), possibly in lieu of similar activity on S. 484 (115th). |
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May 24, 2018
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Final Bill —
Enacted — Signed by the President
This activity took place on a related bill, S. 2155 (115th), possibly in lieu of similar activity on S. 484 (115th). |
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.” www.GovTrack.us. 2017. January 25, 2022 <https://www.govtrack.us/congress/bills/115/s484>
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Where is this information from?
GovTrack automatically collects legislative information from a variety of governmental and non-governmental sources. This page is sourced primarily from Congress.gov, the official portal of the United States Congress. Congress.gov is generally updated one day after events occur, and so legislative activity shown here may be one day behind. Data via the congress project.
