,,ii  #aae? ,,congress  #b;d ,session   
,s4 #bdii  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,m>* #f1 #bjah,ms4     
,w>r5 introduc$ ! foll[+ bill2 :i* 0    
read twice & ref]r$ to ! ,committee on  
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to require ! ,f9ancial ,indu/ry
 ,regulatory ,au?ority to e/abli% a     
relief fund to provide inve/ors ) ! full
 value ( unpaid arbitration aw>ds issu$ 
aga9/ brok]age firms or brok]s regulat$ 
by ! ,au?ority4  #a4 ,,f9ra relief fund 
7a7 ,def9itions ,9 ?is ,act3 7#a7 ,bank 
,! t]m bank means--  7,a7 a bank+       
in/itution organiz$ "u ! laws ( ! ,unit$
 ,/ates2  7,b7 a memb] bank ( ! ,f$]al  
,res]ve ,sy/em2  7,c7 any o!r bank+     
in/itution-- 7i7 :e!r incorporat$ or n1 
do+ bus9ess "u ! laws ( any ,/ate or ( !
 ,unit$ ,/ates1 a sub/antial portion ( !
 bus9ess ( :i* consi/s ( receiv+        
deposits or ex]cis+ fiduci>y p[]s simil>
 to ^? p]mitt$ to national banks "u !   
au?ority ( ! ,comptroll] ( ! ,curr5cy   
pursuant to ! fir/ section ( ! ,act     

entitl$ ,an ,act to place au?ority ov] !
 tru/ p[]s ( national banks 9 !         
,comptroll] ( ! ,curr5cy1 approv$       
,septemb] #bh1 #aifb 7#ab ,u4,s4,c4     
#ib;a72  7ii7 sup]vis$ & exam9$ by a    
,/ate or ,f$]al au?ority hav+ sup]vision
 ov] banks2 &  7iii7 t is n op]at$ = !  
purpose ( evad+ ! provisions ( t ,act2 &
  7,d7 a receiv]1 cons]vator1 or o!r    
liquidat+ ag5t ( any in/itution or firm 
describ$ 9 subp>agraph 7,a71 7,b71 or   
7,c74  7#b7 ,brok] ,! t]m brok]-- 7,a7  
means any individual1 corporation1      
p>tn]%ip1 association1 jo9t /ock        
company1 bus9ess tru/1 un9corporat$     
organization1 or any o!r legal entity   
engag$ 9 ! bus9ess effect+ transactions 
9 securities = ! acc\nt ( o!rs2  7,b7   
has be5 admitt$ to memb]%ip 9 ,,f9ra2 & 
7,c7 is n a bank4  7#c7 ,brok]age firm  
,! t]m brok]age firm means any brok] or 
deal] admitt$ to memb]%ip 9 ,,f9ra4     
7#d7 ,,f9ra ,! t]m ,,f9ra means !       
,f9ancial ,indu/ry ,regulatory          
,au?ority4  7#e7 ,relief fund ,! t]m    

relief fund means ! relief fund t ,,f9ra
 is requir$ to e/abli% "u subsection    
7b74  7b7 ,fund e/abli%$ ,,f9ra %all    
e/abli% a relief fund t %all be us$ to  
provide an inve/or ) ! full value ( an  
arbitration aw>d t--  7#a7 0 issu$ 9    
favor ( ! inve/or aga9/ a brok]age firm 
or a brok] regulat$ by ,,f9ra2  7#b7 0  
confirm$ 9 a c\rt ( compet5t            
jurisdiction 9 a f9al ord] t is n       
appealable2 &  7#c7 is unpaid z ( ! date
 t ! inve/or submits a claim to ! relief
 fund4  7c7 ,no limitations ,,f9ra may  
n--  7#a7 limit ! am\nt t an inve/or may
 receive f ! relief fund2 or  7#b7      
prohibit any inve/or f submitt+ a claim 
to ! relief fund4  7d7 ,id5tification ( 
suffici5t funds ,,f9ra %all ensure t--  
7#a7 !re are suffici5t res]ves 9 !      
relief fund to provide ea* inve/or t    
submits a valid claim to ! relief fund )
 ! entire am\nt ow$ to t inve/or1       
includ+ 9 a ye> 9 :i* !re may be an     
unusually l>ge numb] ( unpaid           
arbitration aw>ds t are subject to      

claims f ! relief fund2  7#b7 ! res]ves 
describ$ 9 p>agraph 7#a7 are obta9$ f   
brok]age firms or brok]s regulat$ by    
,,f9ra & n f inve/ors2 &  7#c7 ! relief 
fund %all be fund$ fir/ f p5alties paid 
by brok]s & !n f s\rces det]m9$ by      
,,f9ra4  7e7 ,disclosure ,,f9ra %all    
annually disclose on a publicly         
available website-- 7#a7 = ! ye> cov]$  
by ! disclosure1 ! total numb] (        
arbitration aw>ds issu$ 9 favor (       
inve/ors aga9/ brok]age firms or brok]s 
regulat$ by ,,f9ra1 includ+--  7,a7 !   
total doll> am\nt ( su* aw>ds2  7,b7 !  
numb] ( su* aw>ds t1 z ( ! date ( !     
disclosure1 are unpaid1 includ+ ! total 
doll> am\nt ( ! unpaid aw>ds2 &  7,c7 ) 
respect to ea* arbitration aw>d issu$   
aga9/ a brok] regulat$ by ,,f9ra-- 7i7 !
 "n ( ! brok]age firm or brok] regulat$ 
by ,,f9ra aga9/ :i* ! aw>d 0 issu$2     
7ii7 ! total am\nt ( ! aw>d2  7iii7 !   
specific claims ass]t$ by ! inve/or 9 ! 
arbitration2  7iv7 ! date by :i* ! aw>d 
0 requir$ to be paid 9 full 7pursuant to

 ,,f9ra rules72 &  7v7 ! actual date !  
aw>d 0 paid 9 full or1 if any "p ( !    
aw>d has n be5 paid 9 full1 an          
explanation z to :y n2 &  7#b7 beg9n+ 9 
! fir/ full ye> aft] ! relief fund is   
e/abli%$1 ! numb] (-- 7,a7 claims made  
to ! relief fund dur+ ! ye> cov]$ by !  
disclosure2 &  7,b7 inve/ors t made     
claims to ! relief fund t1 z ( ! date ( 
! disclosure1 h n obta9$ an am\nt f !   
relief fund4  7f7 ,implem5tation  7#a7  
,9 g5]al ,,f9ra %all-- 7,a7 n lat] ?an  
#a ye> aft] ! date ( enactm5t ( ?is     
,act1 promulgate su* regulations z      
,,f9ra det]m9es are necess>y to e/abli% 
! relief fund2 &  7,b7 :5 adopt+ rules  
"u p>agraph 7#a71 e/abli% a proc$ure =  
submitt+ a claim to1 & recov]+ an am\nt 
f1 ! relief fund t--  7i7 r$uces ! burd5
 on inve/ors2 &  7ii7 ensures t an      
inve/or obta9s an am\nt f ! relief fund 
z quickly z is practicable aft] submitt+
 a valid claim to ! relief fund4  7#b7  
,failure to promulgate regulations ,if  
,,f9ra fails to promulgate ! regulations

 "u p>agraph 7#a71 ,,f9ra %all use      
am\nts made available to ,,f9ra f its   
g5]al budget to pay claims made to !    
relief fund4  7g7 ,claims ,,f9ra may    
require inve/ors to subrogate _! claims 
aga9/ brok]s & ,,f9ra may pursue        
additional rem$ies aga9/ ! brok]s4