Ponzi Scheme Investor Protection Act of 2010
Latest action · Apr 15, 2010 Referred to the House Committee on Financial Services.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedApr 15, 2010
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Ponzi Scheme Investor Protection Act of 2010 - Amends the Securities Investor Protection Act of 1970 with respect to the duties of a trustee appointed for a Securities and Exchange Commission (SEC)-registered broker or dealer undergoing liquidation.
Instructs the trustee to take specified actions if the trustee determines that the debtor is a Ponzi scheme.
Establishes procedures for an indirect Ponzi scheme investor to file a claim.
Instructs the trustee to: (1) coordinate with Ponzi scheme investors to ensure proper payments to indirect Ponzi scheme investors; and (2) take specified actions to pay indirect Ponzi scheme investors.
Prescribes the maximum aggregate amount of all cash and securities that may be awarded to each indirect Ponzi scheme investor.
Prohibits the trustee of a Ponzi scheme from seeking to recover money and profits from any Ponzi scheme investor unless such investor's participation in the Ponzi scheme was either complicit or negligent.
Requires the Securities Investor Protection Corporation (SIPC) to: (1) advance to the trustee such moneys as may be required to pay claims and implement this Act; and (2) promulgate regulations modifying SIPC Fund assessment levels to ensure they are adequate to cover the anticipated costs of implementing this Act.
Cosponsors 27
Members who signed on, in the order they did. Signatures ran from Apr 15, 2010 to Aug 10, 2010; 5 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NY | Daniel B. Maffei | Original | Apr 15, 2010 |
| D-CO | Ed Perlmutter | Original | Apr 15, 2010 |
| D-CA | Jackie Speier | Original | Apr 15, 2010 |
| R-NY | Peter T. King | Original | Apr 15, 2010 |
| D-FL | Ron Klein | Original | Apr 15, 2010 |
| D-MS | Bennie G. Thompson | Apr 20, 2010 | |
| D-NY | Carolyn B. Maloney | Apr 20, 2010 | |
| R-FL | Ileana Ros-Lehtinen | Apr 20, 2010 | |
| D-NH | Paul W. Hodes | Apr 20, 2010 | |
| D-NY | Anthony D. Weiner | Apr 21, 2010 | |
| D-NY | John J. Hall | Apr 21, 2010 | |
| D-NY | Steve Israel | Apr 26, 2010 | |
| D-NY | Timothy H. Bishop | Apr 29, 2010 | |
| D-NY | Joseph Crowley | May 11, 2010 | |
| D-NY | Nita M. Lowey | May 20, 2010 | |
| D-CT | James A. Himes | May 26, 2010 | |
| D-NY | Carolyn McCarthy | May 27, 2010 | |
| D-NJ | Steven R. Rothman | May 28, 2010 | |
| D-FL | Theodore E. Deutch | Jun 14, 2010 | |
| D-NY | William L. Owens | Jun 17, 2010 | |
| D-MA | James P. McGovern | Jun 30, 2010 | |
| D-FL | Alcee L. Hastings | Jul 13, 2010 | |
| D-NH | Carol Shea-Porter | Jul 19, 2010 | |
| D-TX | Al Green | Jul 20, 2010 | |
| D-VA | Glenn C. Nye | Aug 10, 2010 | |
| D-NY | Michael E. McMahon | Aug 10, 2010 | |
| D-TN | Steve Cohen | Aug 10, 2010 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Apr 15, 2010 |
Actions 2
Everything that happened, newest first.
- Apr 15, 2010Introduced in House
- Apr 15, 2010Referred to the House Committee on Financial Services.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 111-158 | ASSESSING THE LIMITATIONS OF THE SECURITIES INVESTOR PROTECTION ACT171 pages | Financial Services Committee | Sep 23, 2010 |
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 1
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R41599 | Securities Investor Protection Corporation (SIPC): Basic Functions and Fairness and Adequacy Issues Archived | Report | Jan 20, 2011 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Securities Investor Protection Act of 1970 to provide insurance coverage for certain indirect investors caught in Ponzi schemes, and for other purposes.
- Short Titles as Introduced
- Ponzi Scheme Investor Protection Act of 2010
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Apr 15, 2010Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
