,,ii  #aae? ,,congress  #b;d ,session   
,s4 #ccbc  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,augu/ #a1 #bjah,mr4   
,donnelly 7= himself & ,mr4 ,hell]7     
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to am5d ! ,securities ,ex*ange 
,act ( #aicd to e/abli% a ,s5ior        
,inve/or ,task=ce1 & = o!r purposes4    
#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$+
 improvem5t involv+ s5ior inve/ors      
id5tifi$ 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