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United States · Bill · HR

H.R. 2179 (108th)

Securities Fraud Deterrence and Investor Restitution Act of 2004

openUnited States· United States Congress· EN

Introduced

21 May 2003

Last action

1 June 2004 · Committee

Status

Placed on the Union Calendar, Calendar No. 298.

Sponsors

Rep. Baker, Richard H. [R-LA-6], Rep. Oxley, Michael G. [R-OH-4], Rep. Tiberi, Patrick J. [R-OH-12], Rep. Ose, Doug [R-CA-3], Rep. Kelly, Sue W. [R-NY-19], David Scott

Subjects

Rule of law, Education

Source updated

7 April 2025

Rule of law · Education

Official sourceDownload fileView documentsShare

Summary

The Securities Fraud Deterrence and Investor Restitution Act of 2003 - Amends the Sarbanes-Oxley Act of 2002 to authorize the Securities and Exchange Commission (SEC) to obtain foreclosure and forced sale of any property owned by a person against whom the SEC has obtained either a Federal or State court order or judgment based upon an alleged fraudulent, deceptive, or manipulative act or practice in violation of securities laws. Permits such recovery notwithstanding any homestead provision of any State constitution or State law that exempts or protects property from either foreclosure and forced sale under any process of court or from any lien thereon for the payment of debts. (Thus preempts the State homestead exemption). Amends the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, and the Investment Company Act of 1940 to: (1) authorize the SEC to impose civil penalties in cease and desist proceedings; and (2) increase maximum civil money penalties. Amends the Securities Exchange Act of 1934 to authorize the SEC to access financial records held by a financial institution without notice to the affected person if it acts pursuant to an administrative or judicial subpoena to enforce the securities laws. Amends the Sarbanes-Oxley Act of 2002 to authorize the court to order disclosure of grand jury matters to the SEC during an investigation of possible violation of the securities laws. Provides (as under current law) that civil penalty monies obtained by the SEC pursuant to judicial or administrative action shall, upon the motion or direction of the SEC, be added to a fund for the benefit of victims of securities laws violations. Removes the condition that such monies may be added only if the SEC obtains a court order for disgorgement against a violator, or if a person agrees in settlement of a disgorgement action to make such a disgorgement. Mandates that civil penalties and disgorgement proceeds obtained in State actions for securities laws violations be remitted to the SEC for distribution to such victims' benefit fund. Authorizes the SEC to use for investor education certain undistributed funds obtained pursuant to judicial or administrative action.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 21 May 2003

    Introduced

    Introduced in House

    Source: IntroReferral

  2. 21 May 2003

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 21 May 2003

    Introduced

    Referred to the House Committee on Financial Services.

    Source: IntroReferral

  4. 9 June 2003

    Committee

    Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises Held Hearings Prior to Referral (6/9/2003).

    Source: Committee

  5. 9 June 2003

    Referred

    Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.

    Source: Committee

  6. 10 July 2003

    Committee

    Forwarded by Subcommittee to Full Committee (Amended) by Voice Vote.

    Source: Committee

  7. 10 July 2003

    Committee

    Subcommittee Consideration and Mark-up Session Held.

    Source: Committee

  8. 25 February 2004

    Reported

    Ordered to be Reported (Amended) by Voice Vote.

    Source: Committee

  9. 25 February 2004

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

  10. 27 April 2004

    Introduced

    Referred sequentially to the House Committee on the Judiciary for a period ending not later than June 1, 2004 for consideration of such provisions of the bill and amendment as fall within the jurisdiction of that committee pursuant to clause 1(k), rule X.

    Source: IntroReferral

  11. 27 April 2004

    Reported

    Reported (Amended) by the Committee on Financial Services. H. Rept. 108-475, Part I.

    Source: Committee

  12. 27 April 2004

    Reported

    Reported (Amended) by the Committee on Financial Services. H. Rept. 108-475, Part I.

    Source: Committee

  13. 12 May 2004

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

  14. 1 June 2004

    Calendars

    Placed on the Union Calendar, Calendar No. 298.

    Source: Calendars

  15. 1 June 2004

    Discharge

    Committee on Judiciary discharged.

    Source: Discharge

  16. 1 June 2004

    Committee

    Committee on Judiciary discharged.

    Source: Committee

Votes

No vote records are attached yet.

Versions

Documents

6 official files

Reported in House (text)

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  • Reported in House (text)

    Reported in House · EN · 1 June 2004

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  • Reported in House (PDF)

    Reported in House · EN · 1 June 2004

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  • Reported to House with amendment(s)

    summary · EN · 27 April 2004

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  • Introduced in House (text)

    Introduced in House · EN · 21 May 2003

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  • Introduced in House (PDF)

    Introduced in House · EN · 21 May 2003

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  • Introduced in House

    summary · EN · 21 May 2003

    Open at official source

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Sponsors

Related records

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Sources

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