H.R. 5491: Securities Litigation Attorney Accountability and Transparency Act

109th Congress · introduced 2006-05-25 · Finance and Financial Sector · Latest: Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

federal

Follow this bill, step by step

Where it came from: introduced 2006-05-25 · official record
Who proposed it: Rep. Baker, Richard H. [R-LA-6] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. 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

Securities Litigation Attorney Accountability and Transparency Act

Plain summary

Securities Litigation Attorney Accountability and Transparency Act - Amends the Securities Exchange Act of 1934 and the Securities Act of 1933 to require, in any private action in which the court enters a final judgment, that the court award the defendant reasonable fees and expenses, and impose such fees and expenses on the plaintiff's attorney, if the plaintiff's position was not substantially justified. Requires each plaintiff and plaintiff's attorney in a private action to provide sworn certifications, filed with the complaint, that identify any conflict of interest, including any direct or indirect payment, between the attorney and the plaintiff. Authorizes the court, in exercising its discretion over the approval of lead counsel, to employ alternative means in the selection and retention of counsel for the most adequate plaintiff, including a competitive bidding process.

Congressional Research Service summary (Introduced in House), 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

Securities Litigation Attorney Accountability and Transparency Act

Source: Congressional Research Service summary (Introduced in House)

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The strongest published arguments

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Alternatives

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

Officials and money

Sponsor: Rep. Baker, Richard H. [R-LA-6] · 7 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

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 (1)

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 House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-109hr5491.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/109/hr>

Record fed-us-cong109-hr5491 · catalog fed-us-congress-bills-cong109 · updated 2026-11-15 by psicol fed-bills-cong109