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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

Restoring Main Street Investor Protection and Confidence Act

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To amend the Securities Investor Protection Act of 1970 to confirm that a customer's net equity claim is based on the customer's last statement and that certain recoveries are prohibited, to change how trustees are appointed, and for other purposes.

Actions Overview (1)

11/14/2013Introduced in House

All Actions (3)

11/21/2013Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
Action By: House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises
11/14/2013Referred to the House Committee on Financial Services.
Action By: House of Representatives
11/14/2013Introduced in House
Action By: House of Representatives

Cosponsors (55)

* = Original cosponsor
CosponsorDate Cosponsored
Rep. Maloney, Carolyn B. [D-NY-12]* 11/14/2013
Rep. King, Peter T. [R-NY-2]* 11/14/2013
Rep. Luetkemeyer, Blaine [R-MO-3]* 11/14/2013
Rep. Himes, James A. [D-CT-4]* 11/14/2013
Rep. Bachmann, Michele [R-MN-6]* 11/14/2013
Rep. Westmoreland, Lynn A. [R-GA-3]* 11/14/2013
Rep. Green, Al [D-TX-9]* 11/14/2013
Rep. Hurt, Robert [R-VA-5]* 11/14/2013
Rep. Fincher, Stephen Lee [R-TN-8]* 11/14/2013
Rep. McCarthy, Carolyn [D-NY-4]* 11/14/2013
Rep. Mulvaney, Mick [R-SC-5]* 11/14/2013
Rep. Ross, Dennis A. [R-FL-15]* 11/14/2013
Rep. Wagner, Ann [R-MO-2]* 11/14/2013
Rep. Murphy, Patrick [D-FL-18]* 11/14/2013
Rep. Cassidy, Bill [R-LA-6]* 11/14/2013
Rep. Sessions, Pete [R-TX-32]* 11/14/2013
Rep. Ros-Lehtinen, Ileana [R-FL-27]* 11/14/2013
Rep. Deutch, Theodore E. [D-FL-21]* 11/14/2013
Rep. McCaul, Michael T. [R-TX-10]* 11/14/2013
Rep. Harper, Gregg [R-MS-3]* 11/14/2013
Rep. Culberson, John Abney [R-TX-7]* 11/14/2013
Rep. Duncan, John J., Jr. [R-TN-2]* 11/14/2013
Rep. Boustany, Charles W., Jr. [R-LA-3]* 11/14/2013
Rep. Griffin, Tim [R-AR-2]* 11/14/2013
Rep. Pittenger, Robert [R-NC-9] 11/19/2013
Rep. Marchant, Kenny [R-TX-24] 11/21/2013
Rep. Buchanan, Vern [R-FL-16] 12/04/2013
Rep. Rigell, E. Scott [R-VA-2] 12/04/2013
Rep. Israel, Steve [D-NY-3] 12/04/2013
Rep. Olson, Pete [R-TX-22] 12/04/2013
Rep. Richmond, Cedric L. [D-LA-2] 12/04/2013
Rep. Schwartz, Allyson Y. [D-PA-13] 12/04/2013
Rep. Poe, Ted [R-TX-2] 12/04/2013
Rep. Nunnelee, Alan [R-MS-1] 12/11/2013
Rep. Hinojosa, Ruben [D-TX-15] 01/16/2014
Rep. Bishop, Timothy H. [D-NY-1] 01/16/2014
Rep. Cohen, Steve [D-TN-9] 01/16/2014
Rep. Palazzo, Steven M. [R-MS-4] 02/03/2014
Rep. Tipton, Scott R. [R-CO-3] 02/03/2014
Rep. Yoder, Kevin [R-KS-3] 02/27/2014
Rep. McAllister, Vance M. [R-LA-5] 02/28/2014
Rep. Gerlach, Jim [R-PA-6] 03/04/2014
Rep. Frankel, Lois [D-FL-22] 03/06/2014
Rep. Bentivolio, Kerry L. [R-MI-11] 04/04/2014
Rep. Schock, Aaron [R-IL-18] 04/09/2014
Rep. Scalise, Steve [R-LA-1] 04/30/2014
Rep. Lance, Leonard [R-NJ-7] 05/19/2014
Rep. Hastings, Alcee L. [D-FL-20] 06/24/2014
Rep. Burgess, Michael C. [R-TX-26] 07/10/2014
Rep. Shea-Porter, Carol [D-NH-1] 07/15/2014
Rep. Smith, Christopher H. [R-NJ-4] 07/31/2014
Rep. Granger, Kay [R-TX-12] 09/10/2014
Rep. Marino, Tom [R-PA-10] 09/10/2014
Rep. Diaz-Balart, Mario [R-FL-25] 09/15/2014
Rep. Cotton, Tom [R-AR-4] 09/16/2014

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Financial Services11/14/2013 Referred to
House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises11/21/2013 Hearings by

A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-congress measures.

Latest Summary (1)

There is one summary for H.R.3482. View summaries

Shown Here:
Introduced in House (11/14/2013)

Restoring Main Street Investor Protection and Confidence Act - Amends the Securities Investor Protection Act of 1970 to revise the definition of "net equity."

Bases the determination of net equity, the positions, options, and contracts of a customer reported to the customer as held by the debtor, and any indebtedness of the customer to the debtor, upon: (1) the information contained in the last statement issued by the debtor to the customer before the filing date; and (2) any additional written confirmations of the customer's positions, options, contracts, or indebtedness received after such last statement but before the filing date.

Makes an exception to this requirement when a debtor's records indicate a higher value. Requires determination of the customer's net equity using the debtor's books and records instead of the customer's last statement when the debtor's books and records indicate that the net value of a customer's positions, options, and contracts reported to the customer as held by the debtor, and any indebtedness of the customer to the debtor, is greater than the customer's net value as calculated on the basis specified by this Act.

Prohibits reliance on the final statement of the debtor to customer, however, if the customer: (1) knew the debtor was involved in fraudulent activity with respect to any of its customers which reasonably indicated a fraud adversely affecting a substantial number of customers; or (2) as a registered broker, dealer, or investment adviser under specified securities laws, or a person required to be so registered, knew, or should have known, that the debtor was involved in a fraudulent activity and did not notify the Securities Investor Protection Corporation (SIPC), the Securities and Exchange Commission (SEC), or law enforcement personnel.

Prohibits a trustee in bankruptcy in a liquidation proceeding from recovering any property transferred by the debtor to a customer before the filing date unless, at the time of such transfer, the customer meets the same criteria regarding actual or constructive knowledge of the debtor's involvement in fraudulent activity.

Prescribes alternative methodologies for allocation of customer property to customers by a trustee in a liquidation proceeding. Requires public notice and comment as a prerequisite to court approval of a proposed allocation methodology.

Transfers from the SIPC to the SEC authority to nominate to a court persons for appointment as trustee for the liquidation of a debtor's business and as attorney for the trustee.

Prohibits a trustee from serving in multiple liquidations if the trustee is currently serving as such under this Act for the liquidation of the business of another debtor.

Sets forth requirements for trustee and attorney compensation.

Requires the SIPC to issue quarterly public reports on its payments to the trustee, as well as all other costs in connection with the liquidation proceeding.

Defines as a "customer" of the debtor under such Act: (1) any person that had cash or securities that were converted or otherwise misappropriated by the debtor (or any person who controls, is controlled by, or is under common control with the debtor, if such person was operating through the debtor), irrespective of whether the debtor held or otherwise had custody, possession, or control of that cash or securities; and (2) any other person the SIPC deems a customer of the debtor.

Authorizes the Securities and Exchange Commission (SEC) as well as the SIPC (as under current law) to apply for a protective decree on an SIPC member's behalf with any court of competent jurisdiction.

Prescribes the timing of: (1) SIPC advances, and (2) payments to customers.

Conditions the SEC authorization to make loans to the SIPC upon an SEC determination that the SIPC is unable to borrow in the public debt markets at reasonable terms (both as to yield and maturity).

Requires the SEC to inspect SIPC members periodically to ensure that the information they provide to customers is accurate.

Requires the self-regulatory organization to which an SIPC member belongs, or in which it is a participant, to inspect or examine the member to assess its financial stability as well as ensure that the information the member provides to customers is accurate.