S. 2497: Small Investor Protection Act of 2004

108th Congress · introduced 2004-06-03 · Finance and Financial Sector · Latest: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

federal

Follow this bill, step by step

Where it came from: introduced 2004-06-03 · official record
Who proposed it: Sen. Lieberman, Joseph I. [D-CT] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Small Investor Protection Act of 2004

Plain summary

Small Investor Protection Act of 2004 - Establishes the Division of the Investor within the Securities and Exchange Commission (SEC) to: (1) serve as advocate for individual investors, including serving as liaison between investor advocacy organizations and the SEC; and (2) assist and educate individual investors by performing the functions previously performed by the Director of the Office of Investor Education and Assistance (previously known as the Office of Consumer Affairs), paying particular attention to the needs and interests of small investors. Establishes the Office of Risk Assessment within the SEC to: (1) assess industry practices within the jurisdiction of the SEC to identify any risks associated with those practices that could most likely harm investors and the public; and (2) develop strategies to address and mitigate such risks, and prevent or lessen the potential harm to investors and the public. Requires the Commission, whenever it considers requiring significant disclosures to investors (whether in advertising, on web sites, or in documents required by law or regulation), to consider and give weight to empirical evidence as to: (1) whether the proposed disclosure as a whole is likely to improve meaningfully individual investor understanding to assist investors in making wise financial decisions; and (2) whether alternative disclosures would be more effective in improving investor understanding. Amends the Investment Company Act of 1940 to declare that it shall be unlawful for an open-end registered investment company to offer its securities for sale, unless, prior to completion of the sale, it provides investors with a summary of relevant characteristics of the investment, including information on expenses, risk, and diversification, and any other information that the SEC determines will assist investors in making wise financial decisions.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Small Investor Protection Act of 2004

Source: Congressional Research Service summary (Introduced in Senate)

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Lieberman, Joseph I. [D-CT] · 0 cosponsors

Cost estimate: No cost estimate published yet.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (3)

Jurisdiction: The area or the matters a government or court has authority over.
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.
Securities: Financial investments that can be bought and sold, such as stocks and bonds.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-108s2497.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/108/s>

Record fed-us-cong108-s2497 · catalog fed-us-congress-bills-cong108 · updated 2026-11-15 by psicol fed-bills-cong108