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

Titles (3)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

Improving SIPC Act of 2013
Improving Security for Investors and Providing Closure Act of 2013

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To amend the Securities Investor Protection Act of 1970 to provide one-time payments from the SIPC Fund for customers during a pending lawsuit by the Securities and Exchange Commission against the Securities Investor Protection Corporation, and for other purposes.


Actions Overview (1)

Date
02/26/2013Introduced in House

All Actions (2)

Date
02/26/2013Referred to the House Committee on Financial Services.
Action By: House of Representatives
02/26/2013Introduced in House
Action By: House of Representatives

Cosponsors (1)

* = Original cosponsor
CosponsorDate Cosponsored
Rep. Deutch, Theodore E. [D-FL-21]* 02/26/2013

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 Services02/26/2013 Referred to

No related bill information was received for H.R.827.


Subjects (6)


Latest Summary (1)

There is one summary for H.R.827. View summaries

Shown Here:
Introduced in House (02/26/2013)

Improving Security for Investors and Providing Closure Act of 2013 or Improving SIPC Act of 2013 - Amends the Securities Investor Protection Act of 1970 with respect to any action in a U.S. district court by the Securities and Exchange Commission (SEC) against the Securities Investor Protection Corporation (SIPC) in the event that SIPC refuses to commit funds or otherwise act for the protection of customers of any SIPC member (debtor broker or dealer).

Authorizes SIPC, at the time the SEC action initiates such action, to allow all customers of the debtor broker or dealer to elect to receive a one-time payment from the SIPC Fund.

Prescribes procedures for such customer election. Limits the amount paid to a customer under such election to the lesser of: (1) the customer's net equity claim against the debtor, and (2) a $500,000 cap on one-time payments.

Subrogates SIPC to all rights of the customer receiving a one-time payment against the debtor once the customer recovers an amount equal to the customer's net equity claim against the debtor.

Treats a certificate of deposit (CD) purchased by a person through an account with the debtor as cash deposited and held by the debtor in an amount equal to the amount the person paid for the CD, less any amounts paid to such person on the CD.

Permits a person prevented from making an election under this Act because SIPC does not identify such person as a customer of the debtor to challenge that determination in federal district court.