Securities Law Investigation Privacy Protection Act
Latest action. Referred to House Committee on Interstate and Foreign Commerce.
Securities Law Investigation Privacy Protection Act - Amends the Right to Financial Privacy Act of 1978 to apply its provisions to the Securities and Exchange Commission, except as provided in the Securities Exchange Act of 1934. Amends the Securities Exchange Act of 1934 to authorize the Commission to obtain copies of information contained in financial records of a customer from a financial institution without prior notice to the customer upon an ex parte showing to an appropriate district court that the Commission: (1) seeks such records pursuant to a subpoena issued in conformity with the requirements of the Federal securities laws; and (2) has reason to believe that specified acts or results will occur. Requires, upon expiration of any authorized period of delay of notification, that the customer be served with a copy of the subpoena along with a specified notice which describes the nature of the investigation. Directs the Commission to compile an annual tabulation of the occasions on which the Commission obtains access to financial records of a customer as authorized under this Act and include such tabulation in its annual report to Congress. Permits a customer, following the expiration of the period of delay of notification, to reopen the proceeding in the district court. Authorizes such court to grant civil penalties against the Commission or issue injunctive relief if the Commission has obtained records in violation of this Act. Directs the Office of Personnel Management to initiate a proceeding to determine whether disciplinary action should be taken against an employee of the Commission who acted in a willful and intentional manner and without good faith with respect to the violation. Authorizes the Commission to transfer financial records to any government authority in accordance with the Right to Financial Privacy Act, but permits customer notice to be delayed upon an appropriate showing under this Act. Authorizes the Commission to obtain financial records from a financial institution or transfer such records in accordance with the Right to Financial Privacy Act of 1978.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on July 25, 1980. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on July 25, 1980: Referred to House Committee on Interstate and Foreign Commerce.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 96th Congress (1979-80), 613 of the 12,581 bills and joint resolutions introduced became law, about 4.9 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
L. PREYER (D-NC) introduced it on July 25, 1980, and 9 members have since signed on as cosponsors.
They come from both major parties: 7 Democrats, 2 Republicans.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on July 25, 1980, 16848 days ago. The most recent recorded action was 16848 days ago, on July 25, 1980.
Measures do not carry over. Anything the 96th Congress has not finished by January 3, 1981 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers