H.R. 5712: Securities and Exchange Commission Authority Restoration Act of 2006

109th Congress · introduced 2006-06-29 · Finance and Financial Sector · Latest: Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.

federal

Follow this bill, step by step

Where it came from: introduced 2006-06-29 · official record
Who proposed it: Rep. Frank, Barney [D-MA-4] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises. 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 and Exchange Commission Authority Restoration Act of 2006

Plain summary

Securities and Exchange Commission Authority Restoration Act of 2006 - Amends the Investment Advisers Act of 1940 with respect to the exemption from the requirement of registration for any investment adviser: (1) who has had fewer than fifteen clients during the course of the preceding twelve months; and (2) who neither holds himself out generally to the public as an investment adviser, nor acts an an investment adviser to any registered investment company or a company which has elected to be a business development company. Authorizes the Securities and Exchange Commission (SEC) to: (1) limit the availability of this exemption; and (2) require the registration of any investment adviser by requiring that certain shareholders, partners, and beneficial owners of, or investors in, clients of the adviser be counted as clients themselves.

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 and Exchange Commission Authority Restoration Act of 2006

Source: Congressional Research Service summary (Introduced in House)

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

Officials and money

Sponsor: Rep. Frank, Barney [D-MA-4] · 3 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Agencies named in this bill

Securities and Exchange Commission: its federal spending and other bills that name it

Found automatically: the agency's full official name appears in the bill title. A bill can affect agencies it does not name, so this list may be incomplete.

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 (2)

Exemption: A rule that removes certain people, property or activities from a tax or requirement.
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-109hr5712.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/109/hr>

Record fed-us-cong109-hr5712 · catalog fed-us-congress-bills-cong109 · updated 2026-11-15 by psicol fed-bills-cong109