HR 1982 – RESTORING INVESTOR PROTECTION & CONFIDENCE ACT OF 2015
INTRODUCED BY CONG GARRETT & MALONEY WITH OVER 40 ORIGINAL CO-SPONSORS
After months of anticipation, Capital Markets Subcommittee Chairman Garrett and Congresswoman Maloney announced the reintroduction of the long-awaited SIPC legislation that promises SIPC protection for all investor customers of broker-dealers, and relief for thousands of innocent Madoff and Stanford victims. The legislation is precisely the same as what was introduced in the 113th Congress, and retains the original name: The Restoring Main Street Investor Protection and Confidence Act.
With 41 sponsors joining Garrett and Maloney, and a majority of Republicans on the Financial Services Committee on board, the legislation is now poised to move through the Financial Services Committee for the first time, and to the House Floor for a vote. The timetable has not yet been resolved.
What makes this situation different than the last Congress is that FSC Chairman Jeb Hensarling, unwilling to let the bill go to a vote in his committee in the last Congress, is prepared to let the legislation move in the current session. Now, with even greater support among the parent Financial Services Committee that at any prior time, and with Garrett’s strong leadership on the bill, the prospects of success are increased.
While we expect the bill to go through changes, Madoff and Stanford victims now must prepare to put the grassroots pressure on, and work closely with the Investor Protection Alliance – comprised of NIAP and the Stanford Victims Coalition – to help move this legislation forward. We will need all the possible resources we can gather, and funds will also be needed to help facilitate success on the House floor, and then again in the Senate where the prior Senate bill was automatically reintroduced in January by Senator Vitter.
This bill stops clawback of innocent investors, provides $500,000 in SIPC benefits to investors based on final account statements, and gives the SEC authority, as Congress intended, over SIPC.
We ask that you please stay tuned as we turn our attention to a ramped-up grassroots effort. We will need your help. This bill comes at a critical time as Madoff victims, in particular, are being pummeled by painful and costly mediation sessions as the Trustee mercilessly presses forward on collecting funds in his clawback lawsuits.
Stay Tuned! Get excited! Get involved!
For more information contact NIAP at:
Phone: (800) 323-9250