HR 1653
105th Congress
House
Finance and Financial Sector
Commerce
District courts
Federal preemption
Government Operations and Politics
Jurisdiction
Law
Restrictive trade practices
Securities fraud
Securities industry
State courts
State laws
Securities Litigation Improvement Act of 1997
Introduced: May 16, 1997
See on congress.gov
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
Plain-English summary
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.
What's happening now
Referred to the Subcommittee on Finance and Hazardous Materials.
Committees of jurisdiction
2
Cosponsors
1