H.R.5956 - Fair Fund Improvement Act109th Congress (2005-2006)
|Sponsor:||Rep. Baker, Richard H. [R-LA-6] (Introduced 07/28/2006)|
|Committees:||House - Financial Services|
|Latest Action:||07/28/2006 Referred to the House Committee on Financial Services. (All Actions)|
This bill has the status Introduced
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Subject — Policy Area:
- Finance and Financial Sector
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Summary: H.R.5956 — 109th Congress (2005-2006)All Bill Information (Except Text)
Introduced in House (07/28/2006)
Fair Fund Improvement Act - Amends the Sarbanes-Oxley Act of 2002 to revise the requirement that, if the Securities Exchange Commission (SEC) obtains an order requiring disgorgement for a violation, and also obtains a civil penalty, such penalty shall, at SEC motion or discretion, be added to the disgorgement fund for the benefit of victims. Repeals the initial requirement for a disgorgement order. Declares that, if the SEC obtains a civil penalty for violation of securities laws, the penalty shall, upon SEC motion, be added to and become part of a disgorgement or other fund established for the benefit of the victims of such violation.
Authorizes the SEC to enter into contracts to retain private legal counsel to collect delinquent judgments and orders.