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House Passes Bill to Strengthen SEC Enforcement

Melissa Klein Aguilar | September 15, 2008

Legislation that would strengthen the Securities and Exchange Commission's enforcement program has cleared the House.

The House has passed H.R. 6513, the Securities Act of 2008, which would implement a number of measures the SEC has been seeking, including giving the agency authority to impose civil penalties in administrative proceedings without needing to file a separate civil action in federal court, and making nationwide service of subpoenas available in civil actions filed in federal court.
The legislation, introduced by Rep. Paul Kanjorski (D-Pa.), chair of the House Financial Services Sub-committee on Capital Markets, Insurance, and Government Sponsored Enterprises, would also allow the SEC to bar individuals who violate securities laws in one sector of the securities...

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