Campbell Announces Passage of H.R. 2873
Wednesday, 02 December 2009 13:42
WASHINGTON – Today Representative John Campbell (R-CA) successfully passed H.R. 2873, the Enhanced S.E.C. Enforcement Authority Act. The bill was considered on the House floor today and passed by a voice vote.
This legislation will provide for the nationwide services of subpoenas in civil actions brought by the SEC in Federal Courts, thereby reducing costs, increasing effectiveness, and putting the SEC on par with other federal agencies with comparable missions. Currently the SEC has authority for nationwide service, but only in administrative proceedings. The commission does not have the same authority for civil actions in federal district courts.
During debate, Campbell stated: “In light of the recent Wall Street Scandals with Bernie Madoff, Robert Allen Stanford, and others. It is now particularly appropriate to grant the Securities and Exchange Commission some additional enforcement tools that they need to fight fraud and corruption in the markets.” Later, Campbell went on to say: My bill will help give the S.E.C. the additional tools they need to fight fraud and corruption in the markets, and I am happy to see it passed in the House.”
Click Here to view the Debate on YouTube