‘‘(E) TRANSPARENCY.—A qualified inves-
tor advocacy clinic awarded a grant under sub-
paragraph (A) shall submit to the Commission 
a detailed accounting of the use of grant funds 
at such time, in such form, and containing such 
information as the Commission may require. 
‘‘(F) LIMITATIONS.— 
‘‘(i) AGGREGATE
LIMITATION.—The 
aggregate amount of grants made under 
subparagraph (A) during a fiscal year may 
not exceed $5,000,000 (as such amount is 
annually adjusted by the Investor Advocate 
to reflect the percentage change in the 
Consumer Price Index for All Urban Con-
sumers published by the Bureau of Labor 
Statistics of the Department of Labor). 
‘‘(ii) SINGLE CLINIC LIMITATION.—In 
making grants under subparagraph (A), 
the Commission may not award, during a 
fiscal year, more than $150,000 (as such 
amount is annually adjusted to reflect the 
percentage change in the Consumer Price 
Index for All Urban Consumers published 
by the Bureau of Labor Statistics of the 
VerDate Sep 11 2014 
04:38 Jun 07, 2022
Jkt 029200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H7923.IH
H7923
kjohnson on DSK79L0C42PROD with BILLS
Department of Labor) to any single quali-
fied investor advocacy clinic. 
‘‘(iii) FEDERAL SHARE.—The Federal 
share of the cost of activities carried out 
using grant funds made available under 
subparagraph (A) may not exceed 50 per-
cent. 
‘‘(iv) MULTI-YEAR GRANTS.— 
‘‘(I) IN
GENERAL.—In making 
grants under subparagraph (A), the 
Commission may award multi-year 
grants. 
‘‘(II) 
LIMITATION.—Multi-year 
grants awarded under this clause may 
not be made for a period exceeding 
three years. 
‘‘(G) 
AUTHORIZATION
OF
APPROPRIA-
TIONS.—There are authorized to be appro-
priated such sums as may be necessary to carry 
out this paragraph. 
‘‘(H) DEFINITIONS.—In this paragraph: 
‘‘(i) QUALIFIED INVESTOR ADVOCACY 
CLINIC.—The term ‘qualified investor ad-
vocacy clinic’ means an entity— 
VerDate Sep 11 2014 
04:38 Jun 07, 2022
Jkt 029200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6201
E:\BILLS\H7923.IH
H7923
kjohnson on DSK79L0C42PROD with BILLS
‘‘(I) that provides or will provide 
free representation to investors with 
claims of less than $100,000 (as such 
amount is annually adjusted by the 
Investor Advocate to reflect the per-
centage change in the Consumer Price 
Index for All Urban Consumers pub-
lished by the Bureau of Labor Statis-
tics of the Department of Labor) in 
securities arbitrations and mediations 
before a registered national securities 
association (with exceptions to the re-
quirements of this subclause author-
ized to be made by the Investor Advo-
cate on a case-by-case basis); and 
‘‘(II) that is or will be sponsored, 
offered, or run by— 
‘‘(aa) a clinical program at 
or partnering with an American 
Bar Association accredited law 
school; or 
‘‘(bb) an organization de-
scribed in section 501(c) of the 
Internal Revenue Code of 1986 
VerDate Sep 11 2014 
04:38 Jun 07, 2022
Jkt 029200
PO 00000
Frm 00006
Fmt 6652
Sfmt 6201
E:\BILLS\H7923.IH
H7923
kjohnson on DSK79L0C42PROD with BILLS
and exempt from tax under sec-
tion 501(a) of such Code. 
‘‘(ii) QUALIFIED REPRESENTATIVE.— 
The term ‘qualified representative’ means 
any individual authorized to represent in-
vestors before a registered national securi-
ties association.’’. 
Æ 
VerDate Sep 11 2014 
04:38 Jun 07, 2022
Jkt 029200
PO 00000
Frm 00007
Fmt 6652
Sfmt 6301
E:\BILLS\H7923.IH
H7923
kjohnson on DSK79L0C42PROD with BILLS