Due Process Restoration Act of 2023

Bill: 118-hr-6695
Sponsor: full_name: Rep. Davidson, Warren [R-OH-8]
Introduced: 2023-12-11
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-12-11
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2023-12-11
action_desc: Introduced in House
text: <p><strong>Due Process Restoration Act of 2023 </strong></p><p>This bill allows a person who is the target of a Securities and Exchange Commission (SEC) administrative proceeding to terminate the proceeding. The SEC is then authorized to bring a civil action in a U.S. district court against that person.</p>

tv_txt: I 118th CONGRESS 1st Session H. R. 6695 IN THE HOUSE OF REPRESENTATIVES December 11, 2023 Mr. Davidson introduced the following bill; which was referred to the Committee on Financial Services A BILL To authorize private parties to compel the Securities and Exchange Commission to seek sanctions by filing civil actions, and for other purposes.

1. Short title This Act may be cited as the Due Process Restoration Act of 2023 . 2. Private parties authorized to compel the securities and exchange commission to seek sanctions by filing civil actions Title I of the Securities Exchange Act of 1934 ( 15 U.S.C. 78a et seq. ) is amended by adding at the end the following: 42. 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) Venue An action brought by the Commission under subsection (b) may be brought only in accordance with the requirements relating to venue under section 1391 of title 28, United States Code. .