Emergency Securities Response Act of 2003

Bill: 108-hr-657
Sponsor: Rep. Garrett, Scott [R-NJ-5]
Introduced: 2003-02-11 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative procedure
Commerce
Department of the Treasury
Economics and Public Finance
Emergency Management
Financial crises
Futures trading
Government Operations and Politics
Government securities
Independent regulatory commissions
Investors
Law
Mutual funds
Securities and Exchange Commission
Securities industry
Securities regulation
Stock exchanges

Summary:
action_date: 2003-02-11
text: Emergency Securities Response Act of 2003 - Amends the Securities Exchange Act of 1934 to grant the Securities and Exchange Commission (SEC) powers, in an emergency, to reduce, eliminate, or prevent the substantial disruption by the emergency of: (1) securities markets, investment companies, or other significant portion of such markets, or (2) the transmission or processing of securities transactions.
Permits such emergency to extend beyond 30 business days, but no more than 90 calendar days, if the SEC finds that the emergency still exists and determines that the continuation of the emergency order beyond 30 business days is necessary in the public interest and for the protection of investors. Redefines emergency to include a major disturbance that substantially disrupts or threatens to substantially disrupt: (1) the functioning of securities markets, investment companies, or any other significant portion or segment of the securities markets; or (2) the transmission or processing of securities transactions.
action_date: 2003-02-25
text: Emergency Securities Response Act of 2003 - Amends the Securities Exchange Act of 1934 to grant the Securities and Exchange Commission (SEC) powers, in an emergency, to reduce, eliminate, or prevent the substantial disruption by the emergency of: (1) securities markets, investment companies, or other significant portion of such markets; or (2) the transmission or processing of securities transactions.
Permits such emergency to extend beyond 30 business days, but no more than 90 calendar days, if the SEC finds that the emergency still exists and determines that the continuation of the emergency order beyond 30 business days is necessary in the public interest and for the protection of investors. Redefines emergency to include a major disturbance that substantially disrupts or threatens to substantially disrupt: (1) the functioning of securities markets, investment companies, or any other significant portion or segment of the securities markets; or (2) the transmission or processing of securities transactions.
action_date: 2003-02-26
text: Emergency Securities Response Act of 2003 - (Sec. 2) Amends the Securities Exchange Act of 1934 to grant the Securities and Exchange Commission (SEC) powers, in an emergency, to reduce, eliminate, or prevent the substantial disruption by the emergency of: (1) securities markets, investment companies, or other significant portion of such markets; or (2) the transmission or processing of securities transactions.
Permits such emergency to extend beyond 30 business days, but no more than 90 calendar days, if the SEC finds that the emergency still exists and determines that the continuation of the emergency order beyond 30 business days is necessary in the public interest and for the protection of investors. Redefines emergency to include a major disturbance that substantially disrupts, or threatens to substantially disrupt: (1) the functioning of securities markets, investment companies, or any other significant portion or segment of the securities markets; or (2) the transmission or processing of securities transactions.
Requires the Commission to consult with and consider the views of the Secretary of the Treasury, Board of Governors of the Federal Reserve System, and the Commodity Futures Trading Commission, prior to taking action extending the time frame of its emergency powers unless such consultation is impracticable in light of the emergency.
(Sec. 3) Grants the Secretary of the Treasury parallel authority to take any action with respect to a matter or action subject to regulation by the Secretary involving a government security or a market therein that the Commission may take with respect to securities transactions or a market therein.

Legislative actions:
action_date: 2003-02-27
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2003-02-26
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2003-02-26
text: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text of measure as passed House: CR H1341)
action_date: 2003-02-26
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text of measure as passed House: CR H1341)
action_date: 2003-02-26
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 657.
action_date: 2003-02-26
text: Considered under suspension of the rules. (consideration: CR H1341-1343)
action_date: 2003-02-26
text: Mr. Garrett (NJ) moved to suspend the rules and pass the bill, as amended.
action_date: 2003-02-25
text: Placed on the Union Calendar, Calendar No. 13.
action_date: 2003-02-25
text: Reported by the Committee on Financial Services. H. Rept. 108-19.
action_date: 2003-02-25
text: Reported by the Committee on Financial Services. H. Rept. 108-19.
action_date: 2003-02-13
text: Ordered to be Reported.
action_date: 2003-02-13
text: Committee Consideration and Mark-up Session Held.
action_date: 2003-02-11
text: Referred to the House Committee on Financial Services.
action_date: 2003-02-11
text: Introduced in House
action_date: 2003-02-11
text: Introduced in House