,,ib ,union ,cal5d> ,no4 #fhd #aae? ,,congress #b;d ,session ,h4 ,r4 #fcbc ,report ,no4 #aae-hhf ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,july #aj1 #bjah ,mr4 ,got!im] 7= himself1 ,mr4 ,holl+swor?1 & ,ms4 ,s9ema7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,augu/ #c1 #bjah ,report$ ) an am5dm5t1 committ$ to ! ,committee ( ! ,:ole ,h\se on ! ,/ate ( ! ,union1 & ord]$ to be pr9t$ ,/rike out all aft] ! enact+ clause & ins]t ! "p pr9t$ 9 italic ,= text ( introduc$ bill1 see copy ( bill z introduc$ on ,july #aj1 #bjah ,a ,,bill ,to create an int]divisional task=ce at ! ,securities & ,ex*ange ,commission = s5ior inve/ors4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,national ,s5ior ,inve/or ,initiative ,act ( #bjah or ! ,s5ior ,security ,act ( #bjah4 #b4 ,s5ior ,inve/or ,task=ce ,section #d ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;d7 is am5d$ by add+ at ! end ! foll[+3 7k7 ,s5ior ,inve/or ,task=ce 7#a7 ,e/abli%m5t ,!re is e/abli%$ )9 ! ,commission ! ,s5ior ,inve/or ,task=ce 79 ?is subsection ref]r$ to z ! ,task=ce74 7#b7 ,director ( ! ,task=ce ,! head ( ! ,task=ce %all be ! ,director1 :o %all-- 7,a7 report directly to ! ,*airman2 & 7,b7 be appo9t$ by ! ,*airman1 9 consultation ) ! ,commission1 f among individuals-- 7i7 curr5tly employ$ by ! ,commission or f outside ( ! ,commission2 & 7ii7 hav+ exp]i5ce 9 advocat+ = ! int]e/s ( s5ior inve/ors4 7#c7 ,/aff+ ,! ,*airman %all ensure t-- 7,a7 ! ,task=ce is /aff$ suffici5tly to c>ry out fully ! requirem5ts ( ?is subsection2 & 7,b7 su* /aff %all include individuals f ! ,division ( ,en=cem5t1 ,(fice ( ,compliance ,inspections & ,exam9ations1 & ,(fice ( ,inve/or ,education & ,advocacy4 7#d7 ,m9imiz+ duplication ( ef=ts ,9 organiz+ & /aff+ ! ,task=ce1 ! ,*airman %all take su* actions z may be necess>y to m9imize ! duplication ( ef=ts )9 ! divisions & (fices describ$ "u p>agraph 7#c77;,b7 & any o!r divisions1 (fices1 or task=ces ( ! ,commission4 7#e7 ,functions ( ! ,task=ce ,! ,task=ce %all-- 7,a7 id5tify *all5ges t s5ior inve/ors enc\nt]1 includ+ problems associat$ ) f9ancial exploitation & cognitive decl9e2 7,b7 id5tify areas 9 :i* s5ior inve/ors w\ld b5efit f *anges 9 ! regulations ( ! ,commission or ! rules ( self-regulatory organizations2 7,c7 coord9ate1 z appropriate1 ) o!r (fices )9 ! ,commission1 o!r task=ces t may be e/abli%$ )9 ! ,commission1 self-regulatory organizations1 & ! ,eld] ,ju/ice ,coord9at+ ,c\ncil2 & 7,d7 consult1 z appropriate1 ) ,/ate securities & law en=cem5t au?orities1 ,/ate insurance regulators1 & o!r ,f$]al ag5cies4 7#f7 ,report ,! ,task=ce1 9 coord9ation1 z appropriate1 ) ! ,(fice ( ! ,inve/or ,advocate & self-regulatory organizations1 & 9 consultation1 z appropriate1 ) ,/ate securities & law en=cem5t au?orities1 ,/ate insurance regulators1 & ,f$]al ag5cies1 %all issue a report e #b ye>s to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives1 ! fir/ ( :i* %all n be issu$ until aft] ! report describ$ 9 section #c ( ! ,national ,s5ior ,inve/or ,initiative ,act ( #bjah has be5 issu$ & consid]$ by ! ,task=ce1 conta9+-- 7,a7 appropriate /ati/ical in=mation & full & sub/antive analysis2 7,b7 a summ>y ( rec5t tr5ds & innovations t h impact$ ! inve/m5t l&scape = s5ior inve/ors2 7,c7 a summ>y ( regulatory initiatives t h conc5trat$ on s5ior inve/ors & indu/ry practices relat$ to s5ior inve/ors2 7,d7 key obs]vations1 be/ practices1 & areas ne$+ improvem5t1 involv+ s5ior inve/ors id5tifi$ dur+ exam9ations1 en=cem5t actions1 & inve/or education outrea*2 7,e7 a summ>y ( ! mo/ s]i\s issues enc\nt]$ by s5ior inve/ors1 includ+ issues involv+ f9ancial products & s]vices2 7,f7 an analysis ) reg>d to exi/+ policies & proc$ures ( brok]s1 deal]s1 inve/m5t advis]s1 & o!r m>ket p>ticipants relat$ to s5ior inve/ors & s5ior inve/or-relat$ topics & :e!r ^! policies & proc$ures ne$ to be fur!r develop$ or ref9$2 7,g7 recomm5dations = su* *anges to ! regulations1 guidance1 & ord]s ( ! ,commission & self-regulatory organizations & su* legislative actions z may be appropriate to resolve problems enc\nt]$ by s5ior inve/ors2 & 7,h7 any o!r in=mation1 z det]m9$ appropriate by ! ,director ( ! ,task=ce4 7#g7 ,sunset ,! ,task=ce %all t]m9ate aft] ! end ( ! #aj-ye> p]iod beg9n+ on ! date ( ! enactm5t ( ?is subsection1 b may be ree/abli%$ by ! ,*airman4 7#h7 ,s5ior inve/or def9$ ,= purposes ( ?is subsection1 ! t]m s5ior inve/or means an inve/or ov] ! age ( #fe4 4 #c4 ,,gao /udy 7a7 ,9 g5]al ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all submit to ,congress & ! ,s5ior ,inve/or ,task=ce ! results ( a /udy on ! economic co/s ( ! f9ancial exploitation ( s5ior citiz5s4 7b7 ,cont5ts ,! /udy requir$ "u subsection 7a7 %all include in=mation ) respect to-- 7#a7 co/s-- 7,a7 associat$ ) losses by victims t 7 incurr$ z a result ( ! f9ancial exploitation ( s5ior citiz5s2 7,b7 incurr$ by ,/ate & ,f$]al ag5cies1 law en=cem5t & inve/igatory ag5cies1 public b5efit programs1 public heal? programs1 & o!r public programs z a result ( ! f9ancial exploitation ( s5ior citiz5s2 & 7,c7 incurr$ by ! private sector z a result ( ! f9ancial exploitation ( s5ior citiz5s2 & 7#b7 any o!r relevant co/s t-- 7,a7 result f ! f9ancial exploitation ( s5ior citiz5s2 & 7,b7 ! ,comptroll] ,g5]al det]m9es are necess>y & appropriate to include 9 ord] to provide ,congress & ! public ) a full & accurate und]/&+ ( ! economic co/s result+ f ! f9ancial exploitation ( s5ior citiz5s 9 ! ,unit$ ,/ates4 7c7 ,s5ior citiz5 def9$ ,= purposes ( ?is section1 ! t]m s5ior citiz5 means an individual ov] ! age ( #fe4 ,augu/ #c1 #bjah ,report$ ) an am5dm5t1 committ$ to ! ,committee ( ! ,:ole ,h\se on ! ,/ate ( ! ,union1 & ord]$ to be pr9t$