US Congress Senate Bill 799 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on March 14 2019 - 25% progression, died in committee
Action: 2019-03-14 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Introduced) [PDF]

Provides statutory authority for the Securities and Exchange Commission (SEC) to seek disgorgement (i.e., repayment) as a remedy for unjust enrichment that a person gained through a securities law violation. It also allows the SEC to seek restitution for an investor's loss as a result of a securities law violation by a person registered as or associated with a securities dealer, broker, or other specified financial advisor. The bill establishes a 5-year statute of limitations for disgorgement and a 10-year statute of limitations for equitable remedies, including restitution.

Securities Fraud Enforcement and Investor Compensation Act of 2019

Sen. Mark Warner [D-VA]

Sen. John Kennedy [R-LA]

Date	Chamber	Action
2019-03-14	Senate	Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

SB2563 (Related) 2020-06-30 - Committee on Banking, Housing, and Urban Affairs. Hearings held.
HB4344 (Related) 2019-11-19 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/senate-bill/799/all-info
Text	https://www.congress.gov/116/bills/s799/BILLS-116s799is.pdf