,,ii #aaeth ,,congress #b;d ,session ,s4 #bdii ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,march #f1 #bjah,ms4 ,warren introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to require the ,financial ,industry ,regulatory ,authority to establish a relief fund to provide investors with the full value of unpaid arbitration awards issued against brokerage firms or brokers regulated by the ,authority4 #a4 ,,finra relief fund 7a7 ,definitions ,in this ,act3 7#a7 ,bank ,the term bank means-- 7,a7 a banking institution organized under the laws of the ,united ,states2 7,b7 a member bank of the ,federal ,reserve ,system2 7,c7 any other banking institution-- 7i7 whether incorporated or not1 doing business under the laws of any ,state or of the ,united ,states1 a substantial portion of the business of which consists of receiving deposits or exercising fiduciary powers similar to those permitted to national banks under the authority of the ,comptroller of the ,currency pursuant to the first section of the ,act entitled ,an ,act to place authority over the trust powers of national banks in the ,comptroller of the ,currency1 approved ,september #bh1 #aifb 7#ab ,u4,s4,c4 #ib;a72 7ii7 supervised and examined by a ,state or ,federal authority having supervision over banks2 and 7iii7 that is not operated for the purpose of evading the provisions of that ,act2 and 7,d7 a receiver1 conservator1 or other liquidating agent of any institution or firm described in subparagraph 7,a71 7,b71 or 7,c74 7#b7 ,broker ,the term broker-- 7,a7 means any individual1 corporation1 partnership1 association1 joint stock company1 business trust1 unincorporated organization1 or any other legal entity engaged in the business effecting transactions in securities for the account of others2 7,b7 has been admitted to membership in ,,finra2 and 7,c7 is not a bank4 7#c7 ,brokerage firm ,the term brokerage firm means any broker or dealer admitted to membership in ,,finra4 7#d7 ,,finra ,the term ,,finra means the ,financial ,industry ,regulatory ,authority4 7#e7 ,relief fund ,the term relief fund means the relief fund that ,,finra is required to establish under subsection 7b74 7b7 ,fund established ,,finra shall establish a relief fund that shall be used to provide an investor with the full value of an arbitration award that-- 7#a7 was issued in favor of the investor against a brokerage firm or a broker regulated by ,,finra2 7#b7 was confirmed in a court of competent jurisdiction in a final order that is not appealable2 and 7#c7 is unpaid as of the date that the investor submits a claim to the relief fund4 7c7 ,no limitations ,,finra may not-- 7#a7 limit the amount that an investor may receive from the relief fund2 or 7#b7 prohibit any investor from submitting a claim to the relief fund4 7d7 ,identification of sufficient funds ,,finra shall ensure that-- 7#a7 there are sufficient reserves in the relief fund to provide each investor that submits a valid claim to the relief fund with the entire amount owed to that investor1 including in a year in which there may be an unusually large number of unpaid arbitration awards that are subject to claims from the relief fund2 7#b7 the reserves described in paragraph 7#a7 are obtained from brokerage firms or brokers regulated by ,,finra and not from investors2 and 7#c7 the relief fund shall be funded first from penalties paid by brokers and then from sources determined by ,,finra4 7e7 ,disclosure ,,finra shall annually disclose on a publicly available website-- 7#a7 for the year covered by the disclosure1 the total number of arbitration awards issued in favor of investors against brokerage firms or brokers regulated by ,,finra1 including-- 7,a7 the total dollar amount of such awards2 7,b7 the number of such awards that1 as of the date of the disclosure1 are unpaid1 including the total dollar amount of the unpaid awards2 and 7,c7 with respect to each arbitration award issued against a broker regulated by ,,finra-- 7i7 the name of the brokerage firm or broker regulated by ,,finra against which the award was issued2 7ii7 the total amount of the award2 7iii7 the specific claims asserted by the investor in the arbitration2 7iv7 the date by which the award was required to be paid in full 7pursuant to ,,finra rules72 and 7v7 the actual date the award was paid in full or1 if any part of the award has not been paid in full1 an explanation as to why not2 and 7#b7 beginning in the first full year after the relief fund is established1 the number of-- 7,a7 claims made to the relief fund during the year covered by the disclosure2 and 7,b7 investors that made claims to the relief fund that1 as of the date of the disclosure1 have not obtained an amount from the relief fund4 7f7 ,implementation 7#a7 ,in general ,,finra shall-- 7,a7 not later than #a year after the date of enactment of this ,act1 promulgate such regulations as ,,finra determines are necessary to establish the relief fund2 and 7,b7 when adopting rules under paragraph 7#a71 establish a procedure for submitting a claim to1 and recovering an amount from1 the relief fund that-- 7i7 reduces the burden on investors2 and 7ii7 ensures that an investor obtains an amount from the relief fund as quickly as is practicable after submitting a valid claim to the relief fund4 7#b7 ,failure to promulgate regulations ,if ,,finra fails to promulgate the regulations under paragraph 7#a71 ,,finra shall use amounts made available to ,,finra from its general budget to pay claims made to the relief fund4 7g7 ,claims ,,finra may require investors to subrogate their claims against brokers and ,,finra may pursue additional remedies against the brokers4