[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4344 Introduced in House (IH)]

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116th CONGRESS
  1st Session
                                H. R. 4344

 To amend the Securities Exchange Act of 1934 to allow the Securities 
      and Exchange Commission to seek and Federal courts to grant 
       disgorgement of unjust enrichment, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                           September 17, 2019

  Mr. McAdams (for himself and Mr. Huizenga) introduced the following 
    bill; which was referred to the Committee on Financial Services

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                                 A BILL


 
 To amend the Securities Exchange Act of 1934 to allow the Securities 
      and Exchange Commission to seek and Federal courts to grant 
       disgorgement of unjust enrichment, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. ADDITIONAL RELIEF.

    Section 21(d) of the Securities Exchange Act of 1934 (15 U.S.C. 
78u(d)) is amended by adding at the end the following:
            ``(7) Additional relief.--
                    ``(A) In general.--In any action or proceeding 
                brought or instituted by the Commission under any 
                provision of the securities laws, the Commission may 
                seek, and any Federal court may grant the following 
                additional relief:
                            ``(i) Disgorgement in the amount of any 
                        unjust enrichment obtained as a result of act 
                        or practice with respect to which the 
                        Commission is bringing such an action or 
                        proceeding.
                            ``(ii) Injunctions, including officer and 
                        director bars.
                    ``(B) Rule of construction.--Additional relief 
                sought under this paragraph may not be construed to be 
                a civil fine, penalty, or forfeiture subject to chapter 
                163 of part VI of title 28, United States Code.''.
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