,,ii #aagth ,,congress #b;d ,session ,s4 #dfeg ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,july #bh1 #bjbb,ms4 ,cortez ,masto 7for herself1 ,mr4 ,menendez1 and ,mrs4 ,feinstein7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to amend the ,securities ,exchange ,act of #aicd to establish a grant program to fund qualified investor advocacy clinics1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,investor ,justice ,act of #bjbb4 #b4 ,grants to qualified investor advocacy clinics ,section #d7;g7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;d7g77 is amended by adding at the end the following3 7#i7 ,grants to qualified investor advocacy clinics 7,a7 ,definitions ,in this paragraph3 7i7 ,qualified investor advocacy clinic ,the term qualified investor advocacy clinic means an entity that-- 7,i7 provides1 or will provide1 free representation to investors with claims of less than #ajj1jjj 7as such amount is annually adjusted by the ,investor ,advocate to reflect the percentage change in the ,consumer ,price ,index for ,all ,urban ,consumers published by the ,bureau of ,labor ,statistics of the ,department of ,labor7 in securities arbitrations and mediations before a registered national securities association 7with exceptions to the requirements of this subclause authorized to be made by the ,investor ,advocate on a case-by-case basis72 and 7,,ii7 is or will be sponsored1 offered1 or run by-- 7aa7 a clinical program at1 or partnering with1 an ,american ,bar ,association accredited law school2 or 7bb7 an organization described in section #eja7;c7 of the ,internal ,revenue ,code of #aihf and exempt from tax under section #eja7;a7 of such ,code4 7ii7 ,qualified representative ,the term qualified representative means any individual authorized to represent investors before a registered national securities association4 7,b7 ,grant authority ,the ,commission1 acting through the ,investor ,advocate1 may make grants1 on a competitive basis1 to qualified investor advocacy clinics in accordance with this paragraph4 7,c7 ,applications ,to be eligible for a grant under subparagraph 7,b71 a qualified investor advocacy clinic shall submit to the ,commission an application at such time1 in such form1 and containing such information as the ,commission may require1 including information with respect to-- 7i7 the number of investors in the geographical area served by the clinic2 7ii7 other similar entities serving the same population2 7iii7 the quality of the program offered by the clinic1 including-- 7,i7 the qualifications of the administrators and qualified representatives of the clinic2 and 7,,ii7 the record of the clinic1 if any1 in providing legal and educational services to investors with low dollar value claims in arbitrations and mediations2 and 7iv7 funding sources available to the clinic1 including-- 7,i7 amounts received from other grants and contributions2 and 7,,ii7 the endowment and resources of any institution sponsoring the clinic4 7,d7 ,grant uses ,a qualified investor advocacy clinic to which a grant is made under subparagraph 7,b7 may only use the grant funds for the development1 expansion1 or continuation of the qualified investor advocacy clinic4 7,e7 ,detail of ,federal agency employees 7i7 ,in general ,upon the request of the ,commission1 the head of any ,federal agency may detail1 on a reimbursable basis1 any of the personnel of that ,federal agency to the ,commission to assist the ,commission in carrying out the functions of the ,commission under this paragraph4 7ii7 ,no interruption of status ,the detail of any personnel under clause 7i7 shall be without interruption or loss of civil service status or privilege4 7,f7 ,transparency ,a qualified investor advocacy clinic to which a grant is made under subparagraph 7,b7 shall submit to the ,commission a detailed accounting of the use of the grant funds at such time1 in such form1 and containing such information as the ,commission may require4 7,g7 ,limitations 7i7 ,aggregate limitation ,the aggregate amount of grants made under subparagraph 7,b7 during a fiscal year may not exceed #e1jjj1jjj 7as such amount is annually adjusted by the ,investor ,advocate to reflect the percentage change in the ,consumer ,price ,index for ,all ,urban ,consumers published by the ,bureau of ,labor ,statistics of the ,department of ,labor74 7ii7 ,single clinic limitation ,in making grants under subparagraph 7,b71 the ,commission may not make1 during a fiscal year1 more than #aej1jjj 7as such amount is annually adjusted to reflect the percentage change in the ,consumer ,price ,index for ,all ,urban ,consumers published by the ,bureau of ,labor ,statistics of the ,department of ,labor7 in grants to any single qualified investor advocacy clinic4 7iii7 ,federal share ,the ,federal share of the cost of activities carried out using a grant made under subparagraph 7,b7 may not exceed #ej percent4 7iv7 ,multi-year grants 7,i7 ,in general ,in making grants under subparagraph 7,b71 the ,commission may make multi-year grants4 7,,ii7 ,limitation ,a multi-year grant made under this clause may not be made for a period exceeding #c years4 7,h7 ,authorization of appropriations ,there are authorized to be appropriated such sums as may be necessary to carry out this paragraph4 4