H.R.3482: Restoring Main Street Investor Protection and Confidence Act

About this Bill

This bill was introduced in the 113th Congress
This bill is primarily about finance and financial sector
You can read the bill
Sponsor Scott Garrett, R-N.J.
Total Cosponsors 55 (15 Democrats, 40 Republicans)
Introduced Nov. 14, 2013
Latest Major Action Nov. 21, 2013
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Bill Progress

  • Bill introduced in the House   
  • Bill passed in the House   
  • Bill passed in the Senate   
  • Bill signed into law

Bill Summary

Restoring Main Street Investor Protection and Confidence Act - Amends the Securities Investor Protection Act of 1970 to revise the definition of "net equity."

Bases the determination of net equity, the positions, options, and contracts of a customer reported to the customer as held by the debtor, and any indebtedness of the customer to the debtor, upon: (1) the information contained in the last statement issued by the debtor to the customer before the filing date; and (2) any additional written confirmations of the customer's positions, options, contracts, or indebtedness received after such last statement but before the filing date.

Makes an exception to this requirement when a debtor's records indicate a higher value. Requires determination of the customer's net equity using the debtor's books and records instead of the customer's last statement when the debtor's books and records indicate that the net value of a customer's positions, options, and contracts repo...

(Source: Congressional Research Service)

Bill Actions

Date Description
Nov. 21, 2013 Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
Nov. 14, 2013 Referred to the House Committee on Financial Services.