,i  #aae? ,,congress  #a/ ,session  ,h4 
,r4 #babh  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,april #be1 #bjag,mr4 
,davidson introduc$ ! foll[+ bill2 :i* 0
 ref]r$ to ! ,committee on ,f9ancial    
,s]vices  ,a ,,bill  ,to am5d !         
,securities ,ex*ange ,act ( #aicd to    
p]mit private p]sons to compel !        
,securities & ,ex*ange ,commission to   
seek legal or equitable rem$ies 9 a     
civil action1 in/ead ( an adm9i/rative  
proce$+1 & = o!r purposes4  #a4 ,%ort   
title ,?is ,act may be cit$ z ! ,due    
,process ,re/oration ,act ( #bjag4  #b4 
,private p>ties au?oriz$ to compel !    
securities & ex*ange commission to seek 
sanctions by fil+ civil actions ,!      
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;a et seq47 is am5d$ by    
add+ at ! end ( title ,i ! foll[+3  #dj4
 ,private p>ties au?oriz$ to compel !   
commission to seek sanctions by fil+    
civil actions  7a7 ,t]m9ation (         
adm9i/rative proce$+ ,9 ! case ( any    
p]son :o is a p>ty to a proce$+ br\ght  

by ! ,commission "u a securities law1 to
 :i* section #eed ( title #e1 ,unit$    
,/ates ,code1 applies1 & aga9/ :om an   
ord] impos+ a cease & desi/ ord] & a    
p5alty may be issu$ at ! conclusion ( ! 
proce$+1 t p]son may1 n lat] ?an #bj    
days aft] receiv+ notice ( su* proce$+1 
& at t p]son's discretion1 require !    
,commission to t]m9ate ! proce$+4  7b7  
,civil action au?oriz$ ,if a p]son      
requires ! ,commission to t]m9ate a     
proce$+ pursuant to subsection 7a71 !   
,commission may br+ a civil action aga9/
 t p]son = ! same rem$y t might be      
impos$4  7c7 ,/&>d ( pro( 9 adm9i/rative
 proce$+ ,not)/&+ any o!r provision (   
law1 9 ! case ( a proce$+ br\ght by !   
,commission "u a securities law1 to :i* 
section #eed ( title #e1 ,unit$ ,/ates  
,code1 applies1 a legal or equitable    
rem$y may be impos$ on ! p]son aga9/ :om
 ! proce$+ 0 br\ght only on a %[+ by !  
,commission ( cle> & conv9c+ evid5ce t !
 p]son has violat$ ! relevant provision 
( law4  4