Skip to main content
HR 5553 114th Congress House Finance and Financial Sector Accounting and auditing Civil actions and liability Executive agency funding and structure Higher education Securities Securities and Exchange Commission (SEC) Student aid and college costs

To amend the Securities Exchange Act of 1934 to require fines collected for violations of the rules of the Municipal Rulemaking Board to be deposited into the Treasury and to amend the Sarbanes-Oxley Act of 2002 to remove a requirement on the use of certain funds.

Introduced: June 21, 2016 Introduced by: Wagner, Ann Republican · Missouri See on congress.gov
Sign in to write a letter Sign in to watch
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 21, 2016
Referred to the House Committee on Financial Services.
Jun 21, 2016
Introduced in House
 Plain-English summary Congressional Research Service

This bill amends the Securities Exchange Act of 1934 to declare that fines collected for violations of the rules of the Municipal Securities Rulemaking Board shall be deposited and credited as general revenue of the Treasury.

Currently such fines must be be equally divided between the board and the Securities and Exchange Commission.

The bill repeals the requirement that any such fines collected by a registered securities association be accounted for by the association separately from certain other fines collected and be allocated two-thirds to the association and one-third to the board.

The Sarbanes-Oxley Act of 2002 is amended to repeal the requirement for the Public Company Accounting Oversight Board to use funds generated from the collection of monetary penalties for a merit scholarship program for undergraduate and graduate students enrolled in accredited accounting degree programs.

What's happening now June 21, 2016

Referred to the House Committee on Financial Services.

 Committees of jurisdiction 1