S. 3930 — Introduced in Senate

II 117th CONGRESS 2d Session S. 3930 IN THE SENATE OF THE UNITED STATES March 24, 2022Ms. Lummis (for herself and Mr. Hagerty) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend the Securities Exchange Act of 1934 to permit certain defendants to remove administrative proceedings to Federal court. 1. Short title This Act may be cited as the Administrative Enforcement Fairness Act of 2022. 2. Removal of administrative proceedings The Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) is amended by inserting after section 27A (15 U.S.C. 78aa–1) the following: 27B. Removal of administrative proceedings (a) Definition In this section, the term eligible respondent means any respondent that does not act, or, at the time of the alleged misconduct, did not act as a registered broker or dealer, registered investment adviser, registered investment company, registered municipal securities dealer, registered nationally recognized statistical rating organization, registered government securities broker, registered government securities dealer, registered public accounting firm, or as a registered transfer agent. (b) Removal Any administrative proceeding brought by the Commission under this Act may be removed by the eligible respondent to the district court of the United States in accordance with section 1446 of title 28, United States Code. .