Title: 9-1-1 Emergency Service Protection Act
Policy area: Finance and Financial Sector

Summary:
9-1-1 Emergency Service Protection Act
This bill amends the Investment Advisers Act of 1940 to require a registered investment adviser who advises a private fund that owns a controlling interest in an emergency services company to disclose to the Securities and Exchange Commission, at least annually:

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6155 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 6155

  To amend the Investment Advisers Act of 1940 to require investment 
  advisers who advise a private fund that owns an emergency services 
   company to disclose to the Securities and Exchange Commission the 
 average response times of emergency vehicles deployed by such company 
          in response to 9-1-1 calls, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 19, 2018

 Mrs. Torres introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To amend the Investment Advisers Act of 1940 to require investment 
  advisers who advise a private fund that owns an emergency services 
   company to disclose to the Securities and Exchange Commission the 
 average response times of emergency vehicles deployed by such company 
          in response to 9-1-1 calls, 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 ``9-1-1 Emergency Service Protection 
Act''.

SEC. 2. REPORT ON EMERGENCY VEHICLE RESPONSE TIMES OF COMPANIES OWNED 
              BY PRIVATE FUNDS.

    (a) In General.--Section 204(b) of the Investment Advisers Act of 
1940 (15 U.S.C. 80b-4(b)) is amended by adding at the end the 
following:
            ``(12) Report on emergency vehicle response times of 
        companies owned by private funds.--
                    ``(A) In general.--Each investment adviser required 
                to file annual or other reports under this section and 
                who advises a private fund that owns a controlling 
                interest in an emergency services company shall, not 
                less often than annually, disclose to the Commission--
                            ``(i) the change in the average response 
                        time of emergency vehicles since the private 
                        fund acquired a controlling interest in the 
                        emergency services company, disaggregated by 
                        the response times of emergency vehicles 
                        deployed to--
                                    ``(I) rural areas; and
                                    ``(II) urban areas;
                            ``(ii) if a required response time is 
                        established by a contract for emergency 
                        services between the emergency services company 
                        and a unit of local government or by an 
                        ordinance of a unit of local government, the 
                        percentage of response times of emergency 
                        vehicles deployed by the emergency services 
                        company to that unit of local government that 
                        do not meet such requirement; and
                            ``(iii) if the response times failed to 
                        meet the required response time described under 
                        clause (ii), a description of the impact of 
                        such failure on the value of the emergency 
                        services company to the private fund.
                    ``(B) Definitions.--For purposes of this paragraph:
                            ``(i) Emergency services company.--The term 
                        `emergency services company' means a company 
                        that provides ambulance, firefighter, or other 
                        emergency services in response to 9-1-1 calls.
                            ``(ii) Emergency vehicle.--The term 
                        `emergency vehicle' means an ambulance, fire 
                        engine, or other vehicle deployed in response 
                        to a 9-1-1 call.''.
    (b) Rulemaking.--Not later than 270 days after the date of the 
enactment of this section, the Commission shall issue regulations to 
carry out paragraph (12) of section 204(b) of the Investment Advisers 
Act of 1940, as added by subsection (a).
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