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[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 3716 Introduced in Senate (IS)]

<DOC>

117th CONGRESS
  2d Session
                                S. 3716

To require Federal financial regulators to create a publicly available 
        database for certain bad actors, and for other purposes.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                             March 1, 2022

Mr. Kennedy (for himself and Ms. Lummis) introduced the following bill; 
which was read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 A BILL

 
To require Federal financial regulators to create a publicly available 
        database for certain bad actors, 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. SHORT TITLE.

    This Act may be cited as the ``Tracking Bad Actors Act of 2022''.

SEC. 2. DEFINITION.

    In this Act, the term ``Federal financial regulator'' means--
            (1) the Commodity Futures Trading Commission;
            (2) the Securities and Exchange Commission;
            (3) the Office of the Comptroller of the Currency;
            (4) the Federal Deposit Insurance Corporation;
            (5) the Financial Industry Regulatory Agency; and
            (6) the Public Company Accounting Oversight Board.

SEC. 3. DATABASE.

    (a) In General.--Not later than 3 years after the date of enactment 
of this Act, the Federal financial regulators shall jointly establish a 
publicly available database of persons convicted or held liable in 
criminal, civil, and administrative actions relating to financial 
services brought by--
            (1) any Federal financial regulator, to the greatest extent 
        practicable;
            (2) the Department of Justice;
            (3) any self-regulatory organization or similar entity 
        overseen by a Federal financial regulator if required by such 
        regulator; or
            (4) any State or local criminal or regulatory agency that 
        voluntarily submits information to the database.
    (b) Oversight.--The Securities and Exchange Commission shall be the 
lead agency responsible for oversight of the database established under 
subsection (a).
    (c) Free Access.--The information in the database established under 
subsection (a) shall be free of charge to the public.
    (d) Operation.--The database established under subsection (a) shall 
be operated by a Federal agency or maintained by a third party.
    (e) Expungement.--Any agency who submits information to the 
database under subsection (a) shall expunge any enforcement action 
brought by the agency if the action is--
            (1) overturned upon judicial review; or
            (2) withdrawn by the agency.
    (f) Reports.--
            (1) Federal financial regulators.--The Federal financial 
        regulators shall jointly submit to Congress an annual report on 
        the database during the period beginning on the date of 
        enactment of this Act and ending on the date on which the 
        database is operational.
            (2) GAO report.--Not later than 5 years after the date on 
        which the database is operational, the Comptroller General of 
        the United States shall submit to Congress a report on the 
        database.
                                 <all>
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