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H.R. 5852

HR 5852, introduced on July 14th by Rep. Blaine Luetkemeyer (R-MO), and co-sponsored by Rep. Carolyn Maloney (D-NY), and House Rules Committee Chairman Rep. Pete Sessions (R-TX), is a slightly scaled-back version of HR3482 and S1725, previously introduced by Rep. Scott Garrett (R-NJ), Rep. Maloney, and Senator Schumer. The legislation has been referred to the House Financial Services Committee.

The “fresh bill”, maintains the key protections of the earlier legislation: it reasserts the SEC’s plenary authority over SIPC, utilizes final account statements as determinants of net equity, protects against the clawback of innocent investors, and provides a funding mechanism for SIPC to finance payments to claimants should the SIPC Fund balance be reduced by more than 50%.

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