Only the right has signed this so far (Bill Ranking)
H.R. 216 · 119th Congress (2025-2026)
1 member · Left 0 · Center 0 · Right 1 (Bill Ranking)
| Sponsor | Rep. Sessions, Pete (R-TX) (Introduced 01/07/2025) |
|---|---|
| Sponsor Voting Record | Right · DW-NOMINATE +0.58 · measured from every roll-call vote this member has cast (voteview.com) (Sponsor Ranking) |
| Support |
LLLCLRR support across the spectrum: 1 member signed on (Bill Ranking) this bill: sponsor + current cosponsors, each once |
| Committees | House - Financial Services Committee |
| Latest Action | 01/07/2025 Referred to the House Committee on Financial Services. |
| Roll Call Votes | There have been no roll call votes |
| Source | view on congress.gov → |
Introduced in House (01/07/2025)
Securities Enforcement Clarity Act of 2025 or the SEC Act of 2025
This bill specifies when separate occurrences of securities law violations must be considered as a single violation for purposes of calculating penalties. Specifically, separate occurrences must be counted as a single violation when the acts in question are the result of (1) a common or a substantially overlapping cause, (2) the same misstatement or omission, or (3) a continuing failure to comply.
The bill applies to various violations of securities law, including those involving the registration, offer, and sale of securities; and the conduct of brokers, dealers, and investment advisers.
119 HR 216 IH: Securities Enforcement Clarity Act of 2025 U.S. House of Representatives 2025-01-07 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. I119th CONGRESS1st SessionH. R. 216IN THE HOUSE OF REPRESENTATIVESJanuary 7, 2025Mr. Sessions introduced the following bill; which was referred to the Committee on Financial ServicesA BILLTo amend the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, and the Investment Advisors Act of 1940 with respect to the determination of violations.1.Short titleThis Act may be cited as the Securities Enforcement Clarity Act of 2025 or the SEC Act of 2025.2.Determination of the number of violations(a)Securities Act of 1933The Securities Act of 1933 is amended—(1)in section 8A(g) (15 U.S.C. 77h–1(g)), by adding at the end the following:(4)Determination of number of violationsFor purposes of determining the number of violations for which to impose penalties under paragraph (1), separate acts of noncompliance are a single violation when the acts are the result of—(A)a common or a substantially overlapping originating cause;(B)the same misstatement or omission; or(C)a continuing failure to comply.; and(2)in section 20(d) (15 U.S.C. 77t(d)), by adding at the end the following:(5)Determination of number of violationsFor purposes of determining the number of violations for which to impose penalties under paragraph (1), separate acts of noncompliance are a single violation when the acts are the result of—(A)a common or a substantially overlapping originating cause;(B)the same misstatement or omission; or(C)a continuing failure to comply..(b)Securities Exchange Act of 1934The Securities Exchange Act of 1934 is amended—(1)in section 21(d)(3) (15 U.S.C. 78u(d)(3)), by adding at the end the following:(E)Determination of number of violationsFor purposes of determining the number of violations for which to impose penalties under subparagraph (A)(i), separate acts of noncompliance are a single violation when the acts are the result of—(i)a common or a substantially overlapping originating cause;(ii)the same misstatement or omission; or(iii)a continuing failure to comply.;(2)in section 21B(a) (15 U.S.C. 78u–2(b)), by adding at the end the following: (3)Determination of number of violations, acts, or omissionsFor purposes of determining the number of violations, acts, or omissions for which to impose penalties under this subsection, separate acts of noncompliance are a single violation, act, or omission when the acts are the result of—(A)a common or a substantially overlapping originating cause;(B)the same misstatement or omission; or(C)a continuing failure to comply.; and(3)in section 32 (15 U.S.C. 78ff), by adding at the end the following:(d)Determination of number of violationsFor purposes of determining the number of violations for which to impose penalties under subsection (c), separate acts of noncompliance are a single violation when the acts are the result of—(1)a common or a substantially overlapping originating cause;(2)the same misstatement or omission; or(3)a continuing failure to comply..(c)Investment Company Act of 1940The Investment Company Act of 1940 is amended—(1)in section 9(d) (15 U.S.C. 80a–9(d)), by adding at the end the following:(5)Determination of number of violations, acts, or omissionsFor purposes of determining the number of violations, acts, or omissions for which to impose penalties under paragraph (1), separate acts of noncompliance are a single violation, act, or omission when the acts are the result of—(A)a common or a substantially overlapping originating cause;(B)the same misstatement or omission; or(C)a continuing failure to comply.; and(2)in section 42(e) (15 U.S.C. 80a–41(e)), by adding at the end the following:(5)Determination of number of violationsFor purposes of determining the number of violations for which to impose penalties under paragraph (1), separate acts of noncompliance are a single violation when the acts are the result of—(A)a common or a substantially overlapping originating cause;(B)the same misstatement or omission; or(C)a continuing failure to comply..(d)Investment Advisors Act of 1940The Investment Advisers Act of 1940 is amended—(1)in section 203(i) (15 U.S.C. 80b–3(i)), by adding at the end the following:(5)Determination of number of violations, acts, or omissionsFor purposes of determining the number of violations, acts, or omissions for which to impose penalties under paragraph (1), separate acts of noncompliance are a single violation, act, or omission when the acts are the result of—(A)a common or a substantially overlapping originating cause;(B)the same misstatement or omission; or(C)a continuing failure to comply.; and(2)in section 209(e) (15 U.S.C. 80b–9(e)), by adding at the end the following:(5)Determination of number of violationsFor purposes of determining the number of violations for which to impose penalties under paragraph (1), separate acts of noncompliance are a single violation when the acts are the result of—(A)a common or a substantially overlapping originating cause;(B)the same misstatement or omission; or(C)a continuing failure to comply..
The bill's own words, from our database (synced from the GPO BILLS XML); paragraph breaks added at the bill's section boundaries, nothing else changed.
| Date | Chamber | All Actions |
|---|---|---|
| 01/07/2025 | Library of Congress | Introduced in House |
| 01/07/2025 | Library of Congress | Introduced in House |
| 01/07/2025 | House floor actions | Referred to the House Committee on Financial Services. |
| Title Type | Title |
|---|---|
| Display Title | SEC Act of 2025 |
| Short Title(s) as Introduced | SEC Act of 2025 |
| Short Title(s) as Introduced | Securities Enforcement Clarity Act of 2025 |
| Official Title as Introduced | To amend the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, and the Investment Advisors Act of 1940 with respect to the determination of violations. |
There are no amendments to this bill.
There are no cosponsors of this bill.
| Committee | Activity |
|---|---|
| House - Financial Services Committee | 01/07/2025 Referred To |
Policy Area: Finance and Financial Sector
No legislative subjects have been assigned yet.
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