I 
114TH CONGRESS 
1ST SESSION H. R. 1982 
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. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 23, 2015 
Mr. GARRETT (for himself, Mr. DUNCAN of Tennessee, Mr. MCCAUL, Mr. 
HARPER, Mr. DEUTCH, Mr. TIPTON, Ms. FRANKEL of Florida, Mrs. 
CAROLYN B. MALONEY of New York, Mr. KING of New York, Mr. SES-
SIONS, Mr. BURGESS, Mr. LUETKEMEYER, Mr. HUELSKAMP, Mr. AL 
GREEN of Texas, Mr. JORDAN, Mrs. WAGNER, Mr. HURT of Virginia, 
Mr. DUFFY, Mrs. LOVE, Mr. POSEY, Mr. KELLY of Pennsylvania, Mr. 
FINCHER, Mr. WILLIAMS, Mr. MESSER, Mr. ROSS, Mr. STUTZMAN, Mr. 
WESTMORELAND, Mr. CULBERSON, Mr. PEARCE, Mr. MULVANEY, Mr. 
PITTENGER, Mr. HASTINGS, Mr. POE of Texas, Mr. LANCE, Mr. BOU-
STANY, Mr. SCALISE, Mr. MURPHY of Florida, Mr. HIMES, Mr. GRAVES 
of Louisiana, Mr. ABRAHAM, Mr. MARCHANT, Ms. ROS-LEHTINEN, Mr. 
ROTHFUS, and Mr. ISRAEL) introduced the following bill; which was re-
ferred to the Committee on Financial Services 
A BILL 
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 recov-
eries are prohibited, to change how trustees are ap-
pointed, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Restoring Main Street 
Investor Protection and Confidence Act’’. 
SEC. 2. SECURITIES INVESTOR PROTECTION ACT OF 1970 
AMENDMENTS. 
(a) NET EQUITY BASED ON LAST STATEMENT.— 
Section 16(11) of the Securities Investor Protection Act 
of 1970 (15 U.S.C. 78lll(11)) is amended to read as fol-
lows: 
‘‘(11) NET EQUITY.— 
‘‘(A) IN GENERAL.—The term ‘net equity’ 
means the dollar amount of the account or ac-
counts of a customer, to be determined by— 
‘‘(i) calculating the sum which would 
have been owed by the debtor to such cus-
tomer if the debtor had liquidated, by sale 
or purchase on the filing date— 
‘‘(I) all securities positions of 
such customer (other than customer 
name securities reclaimed by such 
customer); and 
‘‘(II) all positions in futures con-
tracts and options on futures con-
tracts held in a portfolio margining 
account carried as a securities account 
pursuant to a portfolio margining pro-
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gram approved by the Commission, in-
cluding all property collateralizing 
such positions, to the extent that such 
property is not otherwise included 
herein; minus 
‘‘(ii) any indebtedness of such cus-
tomer to the debtor on the filing date; plus 
‘‘(iii) any payment by such customer 
of such indebtedness to the debtor which is 
made with the approval of the trustee and 
within such period as the trustee may de-
termine (but in no event more than sixty 
days after the publication of notice under 
section 8(a)). 
‘‘(B) TREATMENT
OF
CERTAIN
COM-
MODITY FUTURES CONTRACTS.—A claim for a 
commodity futures contract received, acquired, 
or held in a portfolio margining account pursu-
ant to a portfolio margining program approved 
by the Commission or a claim for a security fu-
tures contract, shall be deemed to be a claim 
with respect to such contract as of the filing 
date, and such claim shall be treated as a claim 
for cash. 
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‘‘(C) TREATMENT OF ACCOUNTS HELD BY 
A CUSTOMER IN SEPARATE CAPACITIES.—In de-
termining net equity under this paragraph, ac-
counts held by a customer in separate capac-
ities shall be deemed to be accounts of separate 
customers. 
‘‘(D) RELIANCE
ON
FINAL
CUSTOMER 
STATEMENT.— 
‘‘(i) IN
GENERAL.—In determining 
net equity under this paragraph, the posi-
tions, options, and contracts of a customer 
reported to the customer as held by the 
debtor, and any indebtedness of the cus-
tomer to the debtor, shall be determined 
based on— 
‘‘(I) the information contained in 
the last statement issued by the debt-
or to the customer before the filing 
date; and 
‘‘(II) any additional written con-
firmations of the customer’s positions, 
options, contracts, or indebtedness re-
ceived after such last statement but 
before the filing date. 
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