H.R. 6513: Securities Act of 2008

110th Congress · introduced 2008-07-16 · Finance and Financial Sector · Latest: Received in the Senate and 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 2008-07-16 · official record
Who proposed it: Rep. Kanjorski, Paul E. [D-PA-11] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Received in the Senate and 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

Securities Act of 2008

Plain summary

Securities Act of 2008 - (Sec. 2) Amends the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Advisers Act of 1940, and the Investment Company Act of 1940 to authorize the Securities and Exchange Commission (SEC) to assess and impose civil penalties in a cease and desist proceeding. Creates three tiers of increasing civil penalties for acts or omissions of increasing gravity. (Sec. 3) Authorizes the SEC to censure, place limitations on the activities or functions of, or investigate any person who at the time of specified alleged misconduct was: (1) a member or employee of the Municipal Securities Rulemaking Board; (2) a person associated or seeking to become associated with a government securities broker or dealer; (3) a person associated with a member of a national securities exchange or registered securities association; (4) a participant of a registered clearing agency; (5) an officer or director of a self-regulatory organization; and (6) an officer or director of an investment company. (Sec. 5) Amends the Securities Act of 1933 to exempt from state regulation any warrants or rights to subscribe or purchase securities offerings. (Sec. 6) Amends the Securities Act of 1934 and the Investment Advisers Act of 1940 to empower the SEC to bar certain persons from being associated with a broker, dealer, investment adviser, municipal securities dealer, or transfer agent who has engaged in alleged misconduct. (Sec. 7) Amends the Securities Act of 1934 to modify proscriptions against the extension of credit to customers. (Sec. 8) Amends the Securities Investor Protection Act of 1970 to extend its coverage to customers' claims against a debtor for futures contracts or options on commodities futures contracts received, acquired, or held in a portfolio margining account carried as a securities account pursuant to an approved portfolio margining program. (Sec. 9) Requires the SEC, the Financial Accounting Standards Board, and the Public Company Accounting Oversight Board to give oral testimony annually to certain congressional committees on efforts to reduce the complexity in financial reporting and to provide more accurate and clear financial information to investors. (Sec. 12) Amends the Securities Act of 1934 to require a registered securities information processor, national securities exchange, and national securities association to submit fingerprints of their staff to the Attorney General. (Sec. 15) Amends the Securities Act of 1934, the Investment Advisers Act of 1940, and the Investment Company Act of 1940 to revise or prescribe requirements protecting confidentiality of materials submitted to the SEC. (Sec. 16) Amends the Securities Act of 1934 to set forth requirements governing privileged information provided by the SEC to certain governmental and foreign authorities. (Sec. 18) Sets forth conforming amendments for repeal of the Public Utility Holding Company Act of 1935. (Sec. 19) Amends the Securities Act of 1933, the Securities Act of 1934, the Investment Advisers Act of 1940, and the Investment Company Act of 1940 to allow nationwide service of subpoenas in any action instituted by the SEC, without application to the court or a showing of cause.

Congressional Research Service summary (Passed House amended), 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 Act of 2008

Source: Congressional Research Service summary (Passed House amended)

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The strongest published arguments

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Arguments against (opponents)

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Alternatives

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

Officials and money

Sponsor: Rep. Kanjorski, Paul E. [D-PA-11] · 15 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Gregory W. Meeks (D-NY), Shelley Moore Capito (R-WV)

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 (4)

Authorization: A law that creates or continues a government program and says what it may do, often with a suggested spending ceiling. An authorization alone does not provide money; a separate appropriation does.
Exemption: A rule that removes certain people, property or activities from a tax or requirement.
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 (Passed House amended)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-110hr6513.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/110/hr>

Record fed-us-cong110-hr6513 · catalog fed-us-congress-bills-cong110 · updated 2026-11-15 by psicol fed-bills-cong110