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HR 1653 105th Congress House

Securities Litigation Improvement Act of 1997

Official title: To amend the Securities Act of 1933 and the Securities Exchange Act of 1934 to create uniform standards with respect to federally-regulated securities, and for other purposes.

Introduced: May 22, 1997 See on congress.gov
Finance and Financial Sector CommerceDistrict courtsFederal preemptionGovernment Operations and Politics
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JurisdictionLawRestrictive trade practicesSecurities fraudSecurities industryState courtsState laws
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This bill died when the 105th Congress ended
It never became law before the 105th Congress (1997–1998) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 21, 1997
Referred to the Subcommittee on Finance and Hazardous Materials.
May 16, 1997
Referred to the House Committee on Commerce.
May 16, 1997
Introduced in House
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 Latest action May 21, 1997

Referred to the Subcommittee on Finance and Hazardous Materials.

 Plain-English summary Congressional Research Service

Securities Litigation Improvement Act of 1997 - Amends the Securities Act of 1933 and the Securities Exchange Act of 1934 to proscribe bringing a private civil action in State court or under State law (including a pendent State claim to an action under Federal law) which alleges: (1) a misrepresentation or omission in connection with the purchase or sale of a covered security (a security that is exclusively under Federal registration); or (2) that the defendant used any manipulative or deceptive device in connection with such a transaction.

Grants Federal district courts exclusive jurisdiction over suits and offenses brought under the Act.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 2
All 2 Republican 1
R
Calvert, Ken
California · May 22, 1997
DOOLEY, CAL
· May 16, 1997
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 1653: Securities Litigation Improvement Act of 1997. 105th Congress. Open America. https://openamerica.io/bill/105-HR-1653/
MLA
"H.R. 1653: Securities Litigation Improvement Act of 1997." 105th Congress, 2026, Open America, https://openamerica.io/bill/105-HR-1653/.
Bluebook (legal)
H.R. 1653, 105th Cong. (2026), https://openamerica.io/bill/105-HR-1653/.
Markdown link
[H.R. 1653: Securities Litigation Improvement Act of 1997](https://openamerica.io/bill/105-HR-1653/)
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