,i  #aae? ,,congress  #a/ ,session  ,h4 
,r4 #ehe  ,,9 ,,! ,,h\se ,,(            
,,repres5tatives  ,janu>y #ag1 #bjag,mr4
 ,ellison 7= himself1 ,mr4 ,capuano1    
,mr4 ,lyn*1 ,mr4 ,meeks1 ,ms4 ,slaught]1
 ,mr4 ,grijalva1 ,mr4 ,heck1 ,ms4       
,mc,collum1 ,mr4 ,mc,govern1 ,mr4       
,pocan1 ,ms4 ,s*ak[sky1 & ,mr4 ,s]rano7 
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,f9ancial ,s]vices  ,a 
,,bill  ,to am5d ! ,securities ,ex*ange 
,act ( #aicd to prohibit m&atory        
pre-dispute arbitration agreem5ts1 & =  
o!r purposes4  #a4 ,%ort title ,?is ,act
 may be cit$ z ! ,inve/or ,*oice ,act ( 
#bjag4  #b4 ,f9d+s ,congress makes !    
foll[+ f9d+s3  7#a7 ,inve/or confid5ce 9
 fair & equitable rec\rse is ess5tial to
 ! heal? & /ability ( ! securities      
m>kets & to ! p>ticipation ( retail     
inve/ors 9 su* m>kets4  7#b7 ,brok]s1   
deal]s1 & inve/m5t advis]s hold p[]ful  
advantages ov] inve/ors1 & m&atory      
arbitration clauses1 includ+ contracts t
 =ce inve/ors to submit claims to       

arbitration or to waive _! "r to        
p>ticipate 9 a class action1 lev]age ^! 
advantages to sev]ely re/rict ! ability 
( defraud$ inve/ors to seek r$ress4     
7#c7 ,inve/ors %\ld be free to *oose    
arbitration to resolve disputes if !y   
judge t arbitration truly (f]s !m ! be/ 
opportunity to effici5tly & fairly      
settle disputes1 & inve/ors %\ld also be
 free to pursue rem$ies 9 c\rt %\ld !y  
view t option z sup]ior to arbitration4 
#c4 ,arbitration agreem5ts 9 !          
,securities ,ex*ange ,act ( #aicd       
,section #ae7o7 ( ! ,securities ,ex*ange
 ,act ( #aicd 7#ae ,u4,s4,c4 #gho7o77 is
 am5d$ to read z foll[s3  7o7           
,limitations on pre-,dispute agreem5ts  
,not)/&+ any o!r provision ( law1 x %all
 be unlawful = any brok]1 deal]1 fund+  
portal1 or municipal securities deal] to
 ent] into1 modify1 or ext5d an agreem5t
 ) cu/om]s or cli5ts ( su* entity )     
respect to a future dispute betwe5 !    
p>ties to su* agreem5t t--  7#a7 m&ates 
arbitration = su* dispute2  7#b7        

re/ricts1 limits1 or conditions !       
ability ( a cu/om] or cli5t ( su* entity
 to select or designate a =um =         
resolution ( su* dispute2 or  7#c7      
re/ricts1 limits1 or conditions !       
ability ( a cu/om] or cli5t to pursue a 
claim relat+ to su* dispute 9 an        
individual or repres5tative capacity or 
on a class action or consolidat$ basis4 
4  #d4 ,arbitration agreem5ts 9 !       
,inve/m5t ,advis]s ,act ( #aidj ,section
 #bje7;f7 ( ! ,inve/m5t ,advis]s ,act ( 
#aidj 7#ae ,u4,s4,c4 #hj;b-#e7;f77 is   
am5d$ to read z foll[s3  7f7 ,not)/&+   
any o!r provision ( law1 x %all be      
unlawful = any inve/m5t advis] to ent]  
into1 modify1 or ext5d an agreem5t )    
cu/om]s or cli5ts ( su* entity ) respect
 to a future dispute betwe5 ! p>ties to 
su* agreem5t t--  7#a7 m&ates           
arbitration = su* dispute2  7#b7        
re/ricts1 limits1 or conditions !       
ability ( a cu/om] or cli5t ( su* entity
 to select or designate a =um =         
resolution ( su* dispute2 or  7#c7      

re/ricts1 limits1 or conditions !       
ability ( a cu/om] or cli5t to pursue a 
claim relat+ to su* dispute 9 an        
individual or repres5tative capacity or 
on a class action or consolidat$ basis4 
4  #e4 ,application ,! am5dm5ts made by 
?is ,act %all apply ) respect to any    
agreem5t ent]$ into1 modifi$1 or ext5d$ 
aft] ! date ( ! enactm5t ( ?is ,act4