H.R. 6695 — REVISED SIPC BILL INTRODUCED!
GARRETT EMPHASIZES COMMITMENT TO LEGISLATION IN 2013
HR.6695 To amend the Securities Investor Protection Act of 1970 to confirm that a customer’s net equity claim is based on the customer’s last statement and that certain recoveries are prohibited, to change how trustees are appointed, and for other purposes.
On December 20, House Sub-Committee Chairman Scott Garrett introduced to the House of Representatives “a revised and strengthened version of H.R. 757.” According to the Congressman, “The introduction of this bill before the adjournment of the 112th Congress is to post a marker of our intentions for the work of the 113th Congress.” Based on Garrett’s October letter to NIAP members, this marker legislation is the first of a series of steps toward passage of SIPC legislation in the 113th Congress designed to assist both Madoff and Stanford victims.
Mr. Garrett concludes his remarks by saying “This will be the opening step in educating the Congress, the public and the media of the sadly mistaken course be pursued by the SIPC and the failure of adequate judicial review.”
Needless to say, we are extremely pleased that Congressman pressed forward with this legislation, particularly given the other pressing issues Congress is currently facing. It is especially welcome news at this time, and it lays an important foundation for movement early next year. More information, including language, will follow. Please also look for our forthcoming Anniversary Update.
