IIB 
116TH CONGRESS 
1ST SESSION H. R. 4344 
IN THE SENATE OF THE UNITED STATES 
NOVEMBER 19, 2019 
Received; read twice and referred to the Committee on Banking, Housing, and 
Urban Affairs 
AN ACT 
To amend the Securities Exchange Act of 1934 to allow 
the Securities and Exchange Commission to seek and 
Federal courts to grant disgorgement of unjust enrich-
ment, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
VerDate Sep 11 2014 
22:22 Nov 19, 2019
Jkt 099200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H4344.RFS
H4344
pamtmann on DSKBC07HB2PROD with BILLS
HR 4344 RFS
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Investor Protection 
and Capital Markets Fairness Act’’. 
SEC. 2. ADDITIONAL RELIEF. 
(a) IN GENERAL.—Section 21(d) of the Securities 
Exchange Act of 1934 (15 U.S.C. 78u(d)) is amended by 
adding at the end the following: 
‘‘(7) ADDITIONAL RELIEF.— 
‘‘(A) IN GENERAL.—In any action or pro-
ceeding brought or instituted by the Commis-
sion under any provision of the securities laws, 
the Commission may seek, and any Federal 
court may grant the following additional relief: 
‘‘(i) Disgorgement in the amount of 
any unjust enrichment obtained as a result 
of the act or practice with respect to which 
the Commission is bringing such an action 
or proceeding. 
‘‘(ii) Injunctions, including officer and 
director bars. 
‘‘(B) RULE
OF
CONSTRUCTION.—Addi-
tional relief sought under this paragraph may 
not be construed to be a civil fine, penalty, or 
forfeiture subject to chapter 163 of part VI of 
title 28, United States Code. 
VerDate Sep 11 2014 
22:22 Nov 19, 2019
Jkt 099200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H4344.RFS
H4344
pamtmann on DSKBC07HB2PROD with BILLS
HR 4344 RFS
‘‘(C) STATUTE OF LIMITATIONS.—A Fed-
eral court may not issue relief under this para-
graph if the action or proceeding brought or in-
stituted by the Commission was commenced 
more than 14 years after the alleged violation.’’. 
(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply with respect to any actions or pro-
ceedings pending or commenced on or after the date of 
the enactment of this section. 
(c) REPORT.— 
(1) IN
GENERAL.—Not later than 10 years 
after the date of the enactment of this Act, the Se-
curities Exchange Commission shall submit to Con-
gress data about each enforcement action brought by 
the Commission in the 10 years following the date 
of the enactment of this Act. 
(2) CONTENTS.—In submitting data pursuant 
to paragraph (1), the Commission shall— 
(A) with regard to each enforcement ac-
tion— 
(i) categorize the type of enforcement 
action; 
(ii) categorize the type of issuer in-
volved in the enforcement action; 
VerDate Sep 11 2014 
22:22 Nov 19, 2019
Jkt 099200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H4344.RFS
H4344
pamtmann on DSKBC07HB2PROD with BILLS
HR 4344 RFS
(iii) identify the approximate duration 
of the misconduct that gave rise to the en-
forcement action; and 
(iv) identify the approximate duration 
of the investigation; and 
(B) identify the 10 enforcement actions 
with the longest durations of misconduct that 
gave rise to enforcement actions. 
SEC. 3. DETERMINATION OF BUDGETARY EFFECTS. 
The budgetary effects of this Act, for the purpose of 
complying with the Statutory Pay-As-You-Go Act of 2010, 
shall be determined by reference to the latest statement 
titled ‘‘Budgetary Effects of PAYGO Legislation’’ for this 
Act, submitted for printing in the Congressional Record 
by the Chairman of the House Budget Committee, pro-
vided that such statement has been submitted prior to the 
vote on passage. 
Passed the House of Representatives November 18, 
2019. 
Attest: 
CHERYL L. JOHNSON, 
Clerk. 
VerDate Sep 11 2014 
22:22 Nov 19, 2019
Jkt 099200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H4344.RFS
H4344
pamtmann on DSKBC07HB2PROD with BILLS