,,ii  #aag? ,,congress  #b;d ,session   
,s4 #dfeg  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #bh1 #bjbb,ms4   
,cortez ,ma/o 7= h]self1 ,mr4 ,m55dez1 &
 ,mrs4 ,fe9/e97 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 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[+3  7#i7 ,grants to        
qualifi$ inve/or advocacy cl9ics  7,a7  
,def9itions ,9 ?is p>agraph3 7i7        
,qualifi$ inve/or advocacy cl9ic ,! t]m 
qualifi$ inve/or advocacy cl9ic means an
 entity t-- 7,i7 provides1 or w provide1
 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 is or w be sponsor$1  
(f]$1 or run by-- 7aa7 a cl9ical program
 at1 or p>tn]+ )1 an ,am]ican ,b>       
,association accr$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
  7,b7 ,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,c7        
,applications ,to be eligible = a grant 
"u subp>agraph 7,b71 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,d7 ,grant uses ,a qualifi$    
inve/or advocacy cl9ic to :i* a grant is

 made "u subp>agraph 7,b7 may only use !
 grant funds = ! developm5t1 expansion1 
or cont9uation ( ! qualifi$ inve/or     
advocacy cl9ic4  7,e7 ,detail ( ,f$]al  
ag5cy employees  7i7 ,9 g5]al ,^u !     
reque/ ( ! ,commission1 ! head ( any    
,f$]al ag5cy may detail1 on a           
reimbursable basis1 any ( ! p]sonnel ( t
 ,f$]al ag5cy to ! ,commission to assi/ 
! ,commission 9 c>ry+ out ! functions ( 
! ,commission "u ?is p>agraph4  7ii7 ,no
 int]ruption ( /atus ,! detail ( any    
p]sonnel "u clause 7i7 %all be )\t      
int]ruption or loss ( civil s]vice /atus
 or privilege4  7,f7 ,transp>5cy ,a     
qualifi$ inve/or advocacy cl9ic to :i* a
 grant is made "u subp>agraph 7,b7 %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,g7        
,limitations  7i7 ,aggregate limitation 
,! aggregate am\nt ( grants made "u     
subp>agraph 7,b7 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,b71 ! ,commission may n   
make1 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 9 grants to any 
s+le qualifi$ inve/or advocacy cl9ic4   
7iii7 ,f$]al %>e ,! ,f$]al %>e ( ! co/ (
 activities c>ri$ out us+ a grant made  
"u subp>agraph 7,b7 may n exce$ #ej     
p]c5t4  7iv7 ,multi-ye> grants  7,i7 ,9 
g5]al ,9 mak+ grants "u subp>agraph     
7,b71 ! ,commission may make multi-ye>  
grants4  7,,ii7 ,limitation ,a multi-ye>
 grant made "u ?is clause may n be made 
= a p]iod exce$+ #c ye>s4  7,h7         
,au?orization ( appropriations ,!re are 
au?oriz$ to be appropriat$ su* sums z   

may be necess>y to c>ry out ?is         
p>agraph4  4