Due Process Restoration Act of 2015

Bill: 114-hr-3798
Sponsor: full_name: Rep. Garrett, Scott [R-NJ-5]
Introduced: 2015-10-22
Policy area: Finance and Financial Sector
Subjects: Administrative remedies

Civil actions and liability

Evidence and witnesses

Securities and Exchange Commission (SEC)
Latest action: action_date: 2016-07-21
text: Placed on the Union Calendar, Calendar No. 539.

Summaries:
action_date: 2015-10-22
action_desc: Introduced in House
text: <p><strong>Due Process Restoration Act of 2015</strong></p> <p>This bill amends the Securities Exchange Act of 1934 to authorize a person who is a party to an administrative proceeding brought by the Securities and Exchange Commission (SEC) under a securities law, and against whom an order imposing a cease and desist order and a penalty may be issued at the conclusion of the proceeding, to require the SEC to terminate the proceeding. If a person requires the SEC to terminate a proceeding, the SEC may bring a civil action against that person for the same remedy that might have been imposed.</p> <p>A legal or equitable remedy may be imposed on a person against whom an administrative proceeding was brought only upon a showing by the SEC of clear and convincing evidence that the person has violated the relevant provision of law.</p>

action_date: 2016-07-21
action_desc: Reported to House without amendment
text: <p>(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)</p> <p><strong>Due Process Restoration Act of 2015</strong></p> <p>(Sec. 2) This bill amends the Securities Exchange Act of 1934 to authorize a person who is a party to an administrative proceeding brought by the Securities and Exchange Commission (SEC) under a securities law, and against whom an order imposing a cease and desist order and a penalty may be issued at the conclusion of the proceeding, to require the SEC to terminate the proceeding. If a person requires the SEC to terminate a proceeding, the SEC may bring a civil action against that person for the same remedy that might have been imposed.</p> <p>A legal or equitable remedy may be imposed on a person against whom an administrative proceeding was brought only upon a showing by the SEC of clear and convincing evidence that the person has violated the relevant provision of law.</p>

tv_txt: I 114th CONGRESS 1st Session H. R. 3798 IN THE HOUSE OF REPRESENTATIVES October 22, 2015 Mr. Garrett introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Securities Exchange Act of 1934 to permit private persons to compel the Securities and Exchange Commission to seek legal or equitable remedies in a civil action, instead of an administrative proceeding, and for other purposes.

1. Short title This Act may be cited as the Due Process Restoration Act of 2015 . 2. Private parties authorized to compel the Securities and Exchange Commission to seek sanctions by filing civil actions (a) In general The Securities Exchange Act of 1934 ( 15 U.S.C. 78a et seq. ) is amended by adding at the end of title I the following: 40. Private parties authorized to compel the Commission to seek sanctions by filing civil actions (a) Termination of administrative proceeding In the case of any person who is a party to a proceeding brought by the Commission under a securities law, to which section 554 of title 5, United States Code, applies, and against whom an order imposing a cease and desist order and a penalty may be issued at the conclusion of the proceeding, that person may, not later than 20 days after receiving notice of such proceeding, and at that person’s discretion, require the Commission to terminate the proceeding. (b) Civil action authorized If a person requires the Commission to terminate a proceeding pursuant to subsection (a), the Commission may bring a civil action against that person for the same remedy that might be imposed. (c) Standard of proof in administrative proceeding Notwithstanding any other provision of law, in the case of a proceeding brought by the Commission under a securities law, to which section 554 of title 5, United States Code, applies, a legal or equitable remedy may be imposed on the person against whom the proceeding was brought only on a showing by the Commission of clear and convincing evidence that the person has violated the relevant provision of law. . (b) Clerical amendment The table of contents of the Securities Exchange Act of 1934 ( 15 U.S.C. 78a et seq. ) is amended by inserting after the item relating to section 39 the following: 40. Private parties authorized to compel the Commission to seek sanctions by filing civil actions. .

tv_txt: IB Union Calendar No. 539 114th CONGRESS 2d Session H. R. 3798 [Report No. 114–697] IN THE HOUSE OF REPRESENTATIVES October 22, 2015 Mr. Garrett introduced the following bill; which was referred to the Committee on Financial Services July 21, 2016 Additional sponsor: Mr. Emmer of Minnesota July 21, 2016 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed A BILL To amend the Securities Exchange Act of 1934 to permit private persons to compel the Securities and Exchange Commission to seek legal or equitable remedies in a civil action, instead of an administrative proceeding, and for other purposes.

1. Short title This Act may be cited as the Due Process Restoration Act of 2015 . 2. Private parties authorized to compel the Securities and Exchange Commission to seek sanctions by filing civil actions (a) In general The Securities Exchange Act of 1934 ( 15 U.S.C. 78a et seq. ) is amended by adding at the end of title I the following: 40. Private parties authorized to compel the Commission to seek sanctions by filing civil actions (a) Termination of administrative proceeding In the case of any person who is a party to a proceeding brought by the Commission under a securities law, to which section 554 of title 5, United States Code, applies, and against whom an order imposing a cease and desist order and a penalty may be issued at the conclusion of the proceeding, that person may, not later than 20 days after receiving notice of such proceeding, and at that person’s discretion, require the Commission to terminate the proceeding. (b) Civil action authorized If a person requires the Commission to terminate a proceeding pursuant to subsection (a), the Commission may bring a civil action against that person for the same remedy that might be imposed. (c) Standard of proof in administrative proceeding Notwithstanding any other provision of law, in the case of a proceeding brought by the Commission under a securities law, to which section 554 of title 5, United States Code, applies, a legal or equitable remedy may be imposed on the person against whom the proceeding was brought only on a showing by the Commission of clear and convincing evidence that the person has violated the relevant provision of law. . (b) Clerical amendment The table of contents of the Securities Exchange Act of 1934 ( 15 U.S.C. 78a et seq. ) is amended by inserting after the item relating to section 39 the following: 40. Private parties authorized to compel the Commission to seek sanctions by filing civil actions. .

July 21, 2016 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed