This is a Non Profit Project. We don't collect personal data and we don't use cookies.

An Act to amend the Securities Investor Protection Act to increase the amount of protection available under such Act to customers of brokers and dealers, and to provide for the applicability of the Right to Financial Privacy Act of 1978 to the Securities and Exchange Commission

An Act to amend the Securities Investor Protection Act to increase the amount of protection available under such Act to customers of brokers and dealers, and to provide for the applicability of the Right to Financial Privacy Act of 1978 to the Securities and Exchange Commission

Act Details

An Act to amend the Securities Investor Protection Act to increase the amount of protection available under such Act to customers of brokers and dealers, and to provide for the applicability of the Right to Financial Privacy Act of 1978 to the Securities and Exchange Commission was, as a bill, a proposal (now, a piece of legislation) introduced on 1980-08-18 in the House of Commons and Senate respectively of the 96 United States Congress by James Haas Scheuer in relation with: Bankruptcy, Brokers, Civil Rights and Liberties, Corporate reorganizations, Finance and financial sector, Government operations and politics, Government records, documents, and information, Independent regulatory commissions, Information disclosure (Securities law), Investors, Right of privacy, Securities and Investments, Securities regulation.

An Act to amend the Securities Investor Protection Act to increase the amount of protection available under such Act to customers of brokers and dealers, and to provide for the applicability of the Right to Financial Privacy Act of 1978 to the Securities and Exchange Commission became law (1) in the United States on 1980-10-10. It was referred to the following Committee(s): (2)

House Banking Finance and Urban Affairs (HSBA)
House Interstate and Foreign Commerce (HSIF)

Sponsor

James Haas Scheuer, Democrat-Liberal, Representative from New York, district 11

The proposal had the following cosponsors:

John Joseph Cavanaugh, Democrat, Representative, from Nebraska, district 2
Bob Eckhardt, Representative, from Texas, district 8
Barry Morris Goldwater, Republican, Representative, from California, district 20
John Joseph Lafalce, Democrat, Representative, from New York, district 36
Stewart Brett Mckinney, Republican, Representative, from Connecticut, district 4
Richard Lawrence Ottinger, Democrat, Representative, from New York, district 24
Lunsford Richardson Preyer, Democrat, Representative, from North Carolina, district 6
Henry Schoellkopf Reuss, Democrat, Representative, from Wisconsin, district 5
Matthew John Rinaldo, Republican, Representative, from New Jersey, district 12
Harley Orrin Staggers, Democrat, Representative, from West Virginia, district 2
Fortney Stark, Representative, from California, district 9

Act Overview

• Number: 7939 (3)
• Official Title as Introduced: A bill to amend the Securities Investor Protection Act to increase the amount of protection available under such Act to customers of brokers and dealers, and to provide for the applicability of the Right to Financial Privacy Act of 1978 to the Securities and Exchange Commission (4)
• Date First Introduced: 1980-08-18
• Sponsor Name: Fortney Stark
• Assignment Process: See Committe Assignments (5)
• Latest Major Activity/Action: Enacted
• Date Enacted (signed, in general (6), by President): 1980-10-10
• Type: hr (7)
• Main Topic: Finance and financial sector
• Related Bills: (8)
• Summary of An Act to amend the Securities Investor Protection Act to increase the amount of protection available under such Act to customers of brokers and dealers, and to provide for the applicability of the Right to Financial Privacy Act of 1978 to the Securities and Exchange Commission: Govtrack. Authored by the Congressional Research Service (CRS) of the Library of Congress.
• Primary Source: Congress Website

Text of the An Act to amend the Securities Investor Protection Act to increase the amount of protection available under such Act to customers of brokers and dealers, and to provide for the applicability of the Right to Financial Privacy Act of 1978 to the Securities and Exchange Commission

Amends the Securities Investor Protection Act to increase from $100000 to $500000 the maximum amount which the Securities Investor Protection Corporation may distribute to a customer in the liquidation of a broker-dealer. Permits up to $100000 of such amount (presently $40000) to be used to satisfy a claim for cash. Amends the Right to Financial Privacy Act of 1978 to apply its provisions to the Securities and Exchange Commission except as provided in the Securities Exchange Act of 1934. Amends the Securities Exchange Act of 1934 to authorize the Commission to obtain copies of information contained in financial records of a customer from a financial institution without prior notice to the customer upon an ex parte showing to an appropriate district court that the Commission: (1) seeks such records pursuant to a subpoena issued in conformity with the requirements of the Federal securities laws; and (2) has reason to believe that specified acts or results will occur. Requires upon expiration of any authorized period of delay of notification that the customer be served with a copy of the subpoena along with a specified notice which describes the nature of the investigation. Directs the Commission to compile an annual tabulation of the occasions on which the Commission obtains access to financial records of a customer as authorized under this Act and include such tabulation in its annual report to Congress. Permits a customer following the expiration of the period of delay of notification to reopen the proceeding in the district court. Authorizes such court to grant civil penalties against the Commission or issue injunctive relief if the Commission has obtained records in violation of this Act. Directs the Office of Personnel Management to initiate a proceeding to determine whether disciplinary action should be taken against an employee of the Commission who acted in a willful and intentional manner and without good faith with respect to the violation. Authorizes the Commission to transfer financial records to any government authority in accordance with the Right to Financial Privacy Act but permits customer notice to be delayed upon an appropriate showing under this Act. Authorizes the Commission to obtain financial records from a financial institution or transfer such records in accordance with the Right to Financial Privacy Act of 1978.

Act Notes

• [Note 1] An Act (like An Act to amend the Securities Investor Protection Act to increase the amount of protection available under such Act to customers of brokers and dealers, and to provide for the applicability of the Right to Financial Privacy Act of 1978 to the Securities and Exchange Commission) or a resolution cannot become a law in the United States until it has been approved (passed) in identical form by both the House of Representatives and the Senate, as well as signed by the President (but see (5)). If the two bodys of the Congress versions of an Act are not identical, one of the bodies might decide to take a further vote to adopt the bill (see more about the Congress process here). An Act may be pass in identical form with or without amendments and with or without conference. (see more about Enrollment).
• [Note 2] Proposals are referred to committees for preliminary consideration, then debated, amended, and passed (or rejected) by the full House or Senate. To prevent endless shuttling of bills between the House and Senate, bills like An Act to amend the Securities Investor Protection Act to increase the amount of protection available under such Act to customers of brokers and dealers, and to provide for the applicability of the Right to Financial Privacy Act of 1978 to the Securities and Exchange Commission are referred to joint committees made up of members of both houses.
• [Note 3] For more information regarding this legislative proposal, go to THOMAS, select “Bill Number,” search on (An Act to amend the Securities Investor Protection Act to increase the amount of protection available under such Act to customers of brokers and dealers, and to provide for the applicability of the Right to Financial Privacy Act of 1978 to the Securities and Exchange Commission)
• [Note 4] A bill to amend the Securities Investor Protection Act to increase the amount of protection available under such Act to customers of brokers and dealers, and to provide for the applicability of the Right to Financial Privacy Act of 1978 to the Securities and Exchange Commission. The current official title of a bill is always present, assigned at introduction (for example, in this case, on 1980-08-18) and can be revised any time. This type of titles are sentences.
• [Note 5] The Act is referred to the appropriate committee by the Speaker of any of the two Houses. Bills are placed on the calendar of the committee to which they have been assigned. See Assignment Process.
• [Note 6] Regarding exceptions to President´s approval, a bill that is not signed (returned unsigned) by the President can still become law if at lest two thirds of each of the two bodys of the Congress votes to pass it, which is an infrequent case. See also Presidential Veto.
• [Note 7] Legislative Proposal types can be: hr, hres, hjres, hconres, s, sres, sjres, sconres. A bill originating in the Senate is designated by the letter “S”, and a bill originating from the House of Representatives begins with “H.R.”, followed, in both cases, by its individual number which it retains throughout all its parliamentary process.
• [Note 8] For information regarding related bill/s to An Act to amend the Securities Investor Protection Act to increase the amount of protection available under such Act to customers of brokers and dealers, and to provide for the applicability of the Right to Financial Privacy Act of 1978 to the Securities and Exchange Commission, go to THOMAS.

Analysis

No analysis (criticism, advocacy, etc.) about An Act to amend the Securities Investor Protection Act to increase the amount of protection available under such Act to customers of brokers and dealers, and to provide for the applicability of the Right to Financial Privacy Act of 1978 to the Securities and Exchange Commission submitted yet.

Bankruptcy
Brokers
Civil Rights and Liberties
Corporate reorganizations
Finance and financial sector
Government operations and politics
Government records, documents, and information
Independent regulatory commissions
Information disclosure (Securities law)
Investors
Right of privacy
Securities and Investments
Securities regulation

Further Reading

• “How our laws are made”, Edward F Willett; Jack Brooks, Washington, U.S. G.P.O.
• “To make all laws : the Congress of the United States, 1789-1989”, James H Hutson- Washington, Library of Congress.
• “Bills introduced and laws enacted: selected legislative statistics, 1947-1990”, Rozanne M Barry; Library of Congress. Congressional Research Service.