,i  #aag? ,,congress  #b;d ,session  ,h4
 ,r4 #gibc  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,may #ca1 #bjbb,mr4   
,quigley introduc$ ! foll[+ bill2 :i* 0 
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to am5d !         
,securities ,ex*ange ,act ( #aicd to    
e/abli% a grant program to fund qualifi$
 inve/or advocacy cl9ics1 & = o!r       
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,inve/or ,ju/ice ,act (    
#bjbb4  #b4 ,grants to qualifi$ inve/or 
advocacy cl9ics ,section #d7;g7 ( !     
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;d7g77 is am5d$ by add+ at 
! end ! foll[+ new p>agraph3  7#i7      
,grants to qualifi$ inve/or advocacy    
cl9ics  7,a7 ,grant au?ority ,!         
,commission1 act+ ?r\gh ! ,inve/or      
,advocate1 may make grants1 on a        
competitive basis1 to qualifi$ inve/or  
advocacy cl9ics 9 accordance ) ?is      
p>agraph4  7,b7 ,applications ,to be    
eligible = a grant "u subp>agraph 7,a71 
a qualifi$ inve/or advocacy cl9ic %all  

submit to ! ,commission an application  
at su* "t1 9 su* =m1 & conta9+ su*      
in=mation z ! ,commission may require1  
includ+ in=mation ) respect to-- 7i7 !  
numb] ( inve/ors 9 ! geographical area  
s]v$ by ! cl9ic2  7ii7 o!r simil>       
entities s]v+ ! same population2  7iii7 
! quality ( ! program (f]$ by ! cl9ic1  
includ+-- 7,i7 ! qualifications ( !     
adm9i/rators & qualifi$ repres5tatives (
 ! cl9ic2 &  7,,ii7 ! record ( ! cl9ic1 
if any1 9 provid+ legal & educational   
s]vices to inve/ors ) l[ doll> value    
claims 9 arbitrations & m$iations2 &    
7iv7 fund+ s\rces available to ! cl9ic1 
includ+-- 7,i7 am\nts receiv$ f o!r     
grants & contributions2 &  7,,ii7 !     
end[m5t & res\rces ( any in/itution     
sponsor+ ! cl9ic4  7,c7 ,grant uses ,a  
qualifi$ inve/or advocacy cl9ic aw>d$ a 
grant "u subp>agraph 7,a7 may only use  
grant funds = ! developm5t1 expansion1  
or cont9uation ( ! qualifi$ inve/or     
advocacy cl9ic4  7,d7 ,detail (         
executive ag5cy employees ,^u ! reque/ (

 ! ,commission1 ! head ( any ,f$]al     
ag5cy may detail1 on a reimbursable     
basis1 any ( ! p]sonnel ( t ,f$]al ag5cy
 to ! ,commission to assi/ x 9 c>ry+ out
 its functions "u ?is section4 ,! detail
 ( any su* p]sonnel %all be )\t         
int]ruption or loss ( civil s]vice /atus
 or privilege4  7,e7 ,transp>5cy ,a     
qualifi$ inve/or advocacy cl9ic aw>d$ a 
grant "u subp>agraph 7,a7 %all submit to
 ! ,commission a detail$ acc\nt+ ( ! use
 ( grant funds at su* "t1 9 su* =m1 &   
conta9+ su* in=mation z ! ,commission   
may require4  7,f7 ,limitations  7i7    
,aggregate limitation ,! aggregate am\nt
 ( grants made "u subp>agraph 7,a7 dur+ 
a fiscal ye> may n exce$ #e1jjj1jjj 7z  
su* am\nt is annually adju/$ by !       
,inve/or ,advocate to reflect ! p]c5tage
 *ange 9 ! ,consum] ,price ,index = ,all
 ,urban ,consum]s publi%$ by ! ,bureau (
 ,labor ,/ati/ics ( ! ,dep>tm5t (       
,labor74  7ii7 ,s+le cl9ic limitation ,9
 mak+ grants "u subp>agraph 7,a71 !     
,commission may n aw>d1 dur+ a fiscal   

ye>1 m ?an #aej1jjj 7z su* am\nt is     
annually adju/$ to reflect ! p]c5tage   
*ange 9 ! ,consum] ,price ,index = ,all 
,urban ,consum]s publi%$ by ! ,bureau ( 
,labor ,/ati/ics ( ! ,dep>tm5t ( ,labor7
 to any s+le qualifi$ inve/or advocacy  
cl9ic4  7iii7 ,f$]al %>e ,! ,f$]al %>e (
 ! co/ ( activities c>ri$ out us+ grant 
funds made available "u subp>agraph 7,a7
 may n exce$ #ej p]c5t4  7iv7 ,multi-ye>
 grants  7,i7 ,9 g5]al ,9 mak+ grants "u
 subp>agraph 7,a71 ! ,commission may    
aw>d multi-ye> grants4  7,,ii7          
,limitation ,multi-ye> grants aw>d$ "u  
?is clause may n be made = a p]iod      
exce$+ ?ree ye>s4  7,g7 ,au?orization ( 
appropriations ,!re are au?oriz$ to be  
appropriat$ su* sums z may be necess>y  
to c>ry out ?is p>agraph4  7,h7         
,def9itions ,9 ?is p>agraph3 7i7        
,qualifi$ inve/or advocacy cl9ic ,! t]m 
qualifi$ inve/or advocacy cl9ic means an
 entity-- 7,i7 t provides or w provide  
free repres5tation to inve/ors ) claims 
( less ?an #ajj1jjj 7z su* am\nt is     

annually adju/$ by ! ,inve/or ,advocate 
to reflect ! p]c5tage *ange 9 ! ,consum]
 ,price ,index = ,all ,urban ,consum]s  
publi%$ by ! ,bureau ( ,labor ,/ati/ics 
( ! ,dep>tm5t ( ,labor7 9 securities    
arbitrations & m$iations be=e a regi/]$ 
national securities association 7)      
exceptions to ! requirem5ts ( ?is       
subclause au?oriz$ to be made by !      
,inve/or ,advocate on a case-by-case    
basis72 &  7,,ii7 t is or w be sponsor$1
 (f]$1 or run by-- 7aa7 a cl9ical       
program at or p>tn]+ ) an ,am]ican ,b>  
,association accr$it$ law s*ool2 or     
7bb7 an organization describ$ 9 section 
#eja7;c7 ( ! ,int]nal ,rev5ue ,code (   
#aihf & exempt f tax "u section #eja7;a7
 ( su* ,code4  7ii7 ,qualifi$           
repres5tative ,! t]m qualifi$           
repres5tative means any individual      
au?oriz$ to repres5t inve/ors be=e a    
regi/]$ national securities association4
  4