,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #hbg  ,,9 ,,! ,,h\se ,,(            
,,repres5tatives  ,febru>y #bf1 #bjac   
,mr4 ,cassidy 7= himself & ,mr4 ,deut*7 
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,f9ancial ,s]vices  ,a 
,,bill  ,to am5d ! ,securities ,inve/or 
,protection ,act ( #aigj to provide     
"o-"t paym5ts f ! ,,sipc ,fund = cu/om]s
 dur+ a p5d+ lawsuit by ! ,securities & 
,ex*ange ,commission aga9/ ! ,securities
 ,inve/or ,protection ,corporation1 & = 
o!r purposes4  #a4 ,%ort title ,?is ,act
 may be cit$ z ! ,improv+ ,security =   
,inve/ors & ,provid+ ,closure ,act (    
#bjac or ! ,improv+ ,,sipc ,act ( #bjac4
  #b4 ,cu/om] paym5t dur+ p5d+ action   
7a7 ,9 g5]al ,section #aa ( !           
,securities ,inve/or ,protection ,act ( 
#aigj 7#ae ,u4,s4,c4 #gh;ggg7 is am5d$--
  7#a7 by r$esignat+ subsections 7c7 &  
7d7 z subsections 7d7 & 7e71            
respectively2 &  7#b7 by ins]t+ aft]    
subsection 7b7 ! foll[+3  7c7 ,cu/om]   
paym5t dur+ p5d+ action  7#a7 ,"o-"t    

paym5t p]mitt$  7,a7 ,9 g5]al ,at ! "t t
 an action is initiat$ "u subsection    
7b71 ,,sipc may *oose to all[ all       
cu/om]s ( ! debtor to elect to receive a
 "o-"t paym5t f ! ,,sipc ,fund4  7,b7   
,cu/om] election ,if ,,sipc all[s       
cu/om]s to make ! election describ$ "u  
subp>agraph 7,a71 ea* cu/om] *oos+ to   
make su* election mu/ make su* election 
dur+ ! action br\ght "u subsection 7b71 
b 9 no case lat] ?an ! #ahj-;day p]iod  
beg9n+ on ! date t ,,sipc *ooses to all[
 su* election4  7#b7 ,me?od ( paym5t    
7,a7 ,9 g5]al ,to ! ext5t practicable1  
"o-"t paym5ts made "u ?is subsection    
%all be made 9 ! same mann] z paym5ts ( 
net equity claims ( cu/om]s ( a debtor  
are made "u ! o!r provisions ( ?is ,act4
  7,b7 ,paym5t am\nt limit$ to claims ,!
 am\nt paid to a cu/om] "u ?is          
subsection %all be equal to ! less] (-- 
7i7 ! cu/om]'s net equity claim aga9/ ! 
debtor2 &  7ii7 ! cap set "u p>agraph   
7#c74  7#c7 ,cap on "o-"t paym5ts ,at ! 
"t ! action is initiat$ "u subsection   

7b71 ,,sipc %all set a cap on ! am\nt ( 
"o-"t paym5ts t c be made "u ?is        
subsection1 & su* cap--  7,a7 %all n    
exce$ #ejj1jjj2 &  7,b7 %all apply      
equally to all cu/om]s ( ! debtor4  7#d7
 ,effect ( election  7,a7 ,no ,,sipc    
advance ,section #i7;a7 %all n apply )  
respect to any cu/om] :o receives a     
"o-"t paym5t "u ?is subsection4  7,b7   
,subrogation ,) respect to any cu/om] :o
 receives a "o-"t paym5t "u ?is         
subsection1 ,,sipc %all be subrogat$ to 
all rights ( su* cu/om] aga9/ ! debtor  
once ! cu/om] recov]s an am\nt equal to 
! cu/om]'s net equity claim aga9/ !     
debtor4  7#e7 ,notice2 te*nical         
assi/ance ,if ,,sipc all[s cu/om]s to   
make ! election describ$ "u p>agraph    
7#a77;,a71 ,,sipc %all--  7,a7 promptly 
notify ea* cu/om] ( ! debtor ( _! rights
 "u ?is subsection2 &  7,b7 provide     
te*nical assi/ance to su* cu/om]s to    
det]m9e if !y %\ld make an election "u  
p>agraph 7#a77;,b74  7#f7 ,treatm5t (   
c]tificates ( deposit ,= purposes ( ?is 

subsection1 a c]tificate ( deposit      
pur*as$ by a p]son ?r\gh an acc\nt ) !  
debtor %all be treat$ z ca% deposit$ &  
held by ! debtor 9 an am\nt equal to !  
am\nt ! p]son paid = ! c]tificate (     
deposit1 less any am\nts paid to su*    
p]son on ! c]tificate ( deposit4  7#g7  
,judicial review ( c]ta9 ,,sipc         
det]m9ations ,) respect to any p]son :o 
is n p]mitt$ to make an election "u ?is 
subsection because ,,sipc does n id5tify
 !m z a cu/om] ( ! debtor1 su* p]son may
 comm5ce an action aga9/ ,,sipc 9 !     
appropriate ,unit$ ,/ates di/rict c\rt  
to *all5ge ! det]m9ation by ,,sipc t !y 
are n a cu/om] ( ! debtor4  7#h7        
,rulemak+ ,,sipc may issue su*          
regulations z may be necess>y to c>ry   
out ?is subsection4  7#i7 ,debtor def9$ 
,= purposes ( ?is subsection1 ! t]m     
debtor means ! brok] or deal] t is !    
subject ( ! action br\ght "u subsection 
7b74  4  7b7 ,application ,) respect to 
an ongo+ action br\ght "u section       
#aa7;b7 ( ! ,securities ,inve/or        

,protection ,act ( #aigj 7#ae ,u4,s4,c4 
#gh;ggg7b77 be=e ! date ( ! enactm5t (  
?is ,act1 ! cu/om] election available "u
 section #aa7;c7 ( su* ,act may be made 
dur+ ! #ahj-;day p]iod beg9n+ on ! date 
( ! enactm5t ( ?is ,act4  7c7 ,rule (   
,con/ruction ,a p]son's qualification z 
a cu/om] = purposes ( section #aa7;c7 ( 
! ,securities ,inve/or ,protection ,act 
( #aigj %all h no effect on :e!r su*    
p]son qualifies z a cu/om] "u any o!r   
provision ( su* ,act4