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Distinguished Toastmaster
BUSINESS & BRANDING COACH . LIFE & LEADERSHIP STRATEGIST MOTIVATIONAL SPEAKER SERVING ENTREPRENEURS & MAIN STREET |
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BILL H.R. 1098The Investor Protection Act Of 2015 (c) Carrie Devorah:
_______________________________________________________________________________________________________________________________________________
BILL H.R. 1098The Investor Protection Act Of 2015 (c) Carrie Devorah:
_______________________________________________________________________________________________________________________________________________
HR 1098
114th CONGRESS
1st Session
H. R. 1098
To amend the Securities Exchange Act of 1934 to prohibit mandatory pre-dispute arbitration agreements, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
February 26, 2015
Mr. ELLISON (for himself, Ms. BONAMICI, Mr. CAPUANO, Mr. CARTWRIGHT, Mr. CICILLINE, Mr. DEFAZIO, Ms. FRANKEL of Florida, Mr. GRIJALVA, Mr. HECK of Washington, Mr. HINOJOSA, Ms. LEE, Mr. LYNCH, Mr. MEEKS, Mr. MCGOVERN, Ms. SCHAKOWSKY, Mr. SWALWELL of California, Mr. TONKO, and Ms. TSONGAS) introduced the following bill; which was referred to the Committee on Financial Services
A BILL
To amend the Securities Exchange Act of 1934 to prohibit mandatory pre-dispute arbitration agreements, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the `Investor Choice Act of 2015'.
SEC. 2. FINDINGS.
Congress makes the following findings:
(1) Investor confidence in fair and equitable recourse is essential to the health and stability of the securities markets and to the participation of retail investors in such markets.
(2) Brokers, dealers, and investment advisers hold powerful advantages over investors, and mandatory arbitration clauses, including contracts that force investors to submit claims to arbitration or to waive their right to participate in a class action, leverage these advantages to severely restrict the ability of defrauded investors to seek redress.
(3) Investors should be free to choose arbitration to resolve disputes if they judge that arbitration truly offers them the best opportunity to efficiently and fairly settle disputes, and investors should also be free to pursue remedies in court should they view that option as superior to arbitration.
SEC. 3. ARBITRATION AGREEMENTS IN THE SECURITIES EXCHANGE ACT OF 1934.
Section 15(o) of the Securities Exchange Act of 1934 (15 U.S.C. 78o(o)) is amended to read as follows:
`(o) Limitations on Pre-Dispute Agreements- Notwithstanding any other provision of law, it shall be unlawful for any broker, dealer, funding portal, or municipal securities dealer to enter into, modify, or extend an agreement with customers or clients of such entity with respect to a future dispute between the parties to such agreement that--
`(1) mandates arbitration for such dispute;
`(2) restricts, limits, or conditions the ability of a customer or client of such entity to select or designate a forum for resolution of such dispute; or
`(3) restricts, limits, or conditions the ability of a customer or client to pursue a claim relating to such dispute in an individual or representative capacity or on a class action or consolidated basis.'.
SEC. 4. ARBITRATION AGREEMENTS IN THE INVESTMENT ADVISERS ACT OF 1940.
Section 205(f) of the Investment Advisers Act of 1940 (15 U.S.C. 80b-5(f)) is amended to read as follows:
`(f) Notwithstanding any other provision of law, it shall be unlawful for any investment adviser to enter into, modify, or extend an agreement with customers or clients of such entity with respect to a future dispute between the parties to such agreement that--
`(1) mandates arbitration for such dispute;
`(2) restricts, limits, or conditions the ability of a customer or client of such entity to select or designate a forum for resolution of such dispute; or
`(3) restricts, limits, or conditions the ability of a customer or client to pursue a claim relating to such dispute in an individual or representative capacity or on a class action or consolidated basis.'.
SEC. 5. APPLICATION.
The amendments made by this Act shall apply with respect to any agreement entered into, modified, or extended after the date of the enactment of this Act.
END
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
WALL STREET HIDE$ CRIME$ FROM LAW ENFORCEMENT
Congressman Keith Ellison & Senator Al Franken protect Main Street from WALL STREET crime
18 DEMOCRAT LEGISLATORS SUPPORT H.R. 1098
PROTECTING MAIN STREET INVESTORS FROM FORCED WALL STREET ARBITRATIONS
H.R. 1098 ENDS WALL STREET FORCING
· Investment Crimes away from being reported to Law Enforcement & US Attorneys
· false Wall Street crimes data being fed to FINCEN[1] by FINRA & its predecessor NASD[2]
· your State’s Grandmothers, Single mothers, Disabled, Unions, CEOs, Millennials into mandatory arbitrations “stacked” against their recovering hard earned life savings
· your State’s Investment clients to sign Confidentiality Agreements hiding recidivist Wall Street financial criminals from law enforcement arrest, perp sheets, mug shots, fingerprinting and going to jail for crimes you would go to jail for, be branded a felon, lose your civil liberties, your right to vote & hamper getting back on your feet
· true ‘Crime Against Constituents’ data hidden from State Securities Investigators
· your State constituent to Expunge record of their Arbitration Claim to recoup pennies on dollars stolen by Wall Street ($1,975,000 Claimant got back $200,000)
· unsuspecting Investment Clients to retain dishonest Wolves of Wall Street BD’s & IA[3]
Bernie Madoff told Law Enforcement “they knew” when he turned himself in. “They Knew” is the S.R.O. that Wall Street has used as a beard to hide financial crimes & criminals for decades. One S.R.O. acts as Wall Street’s Regulator, alleging it is authorized by a statute of Congress. It is not. The Securities Act of 1934 provides for S.R.O.’s that qualify. The Act limits this self-proclaimed “regulator”, FINRA, to oversight of Investor complaints against dishonest Brokers, Dealers. The Act does not provide oversight of Investment Advisors. FINRAarbitrations are not FAA, Federal Arbitration Act, compliant. FINRA is not neutral. FINRA is a private dues collecting business league licensed by the IRS as a 501(c)(6), a charity.
WALL STREET HIDE$ CRIME$ FROM LAW ENFORCEMENT
Congressman Keith Ellison & Senator Al Franken protect Main Street from WALL STREET crime
18 DEMOCRAT LEGISLATORS SUPPORT H.R. 1098
PROTECTING MAIN STREET INVESTORS FROM FORCED WALL STREET ARBITRATIONS
H.R. 1098 ENDS WALL STREET FORCING
· Investment Crimes away from being reported to Law Enforcement & US Attorneys
· false Wall Street crimes data being fed to FINCEN[1] by FINRA & its predecessor NASD[2]
· your State’s Grandmothers, Single mothers, Disabled, Unions, CEOs, Millennials into mandatory arbitrations “stacked” against their recovering hard earned life savings
· your State’s Investment clients to sign Confidentiality Agreements hiding recidivist Wall Street financial criminals from law enforcement arrest, perp sheets, mug shots, fingerprinting and going to jail for crimes you would go to jail for, be branded a felon, lose your civil liberties, your right to vote & hamper getting back on your feet
· true ‘Crime Against Constituents’ data hidden from State Securities Investigators
· your State constituent to Expunge record of their Arbitration Claim to recoup pennies on dollars stolen by Wall Street ($1,975,000 Claimant got back $200,000)
· unsuspecting Investment Clients to retain dishonest Wolves of Wall Street BD’s & IA[3]
Bernie Madoff told Law Enforcement “they knew” when he turned himself in. “They Knew” is the S.R.O. that Wall Street has used as a beard to hide financial crimes & criminals for decades. One S.R.O. acts as Wall Street’s Regulator, alleging it is authorized by a statute of Congress. It is not. The Securities Act of 1934 provides for S.R.O.’s that qualify. The Act limits this self-proclaimed “regulator”, FINRA, to oversight of Investor complaints against dishonest Brokers, Dealers. The Act does not provide oversight of Investment Advisors. FINRAarbitrations are not FAA, Federal Arbitration Act, compliant. FINRA is not neutral. FINRA is a private dues collecting business league licensed by the IRS as a 501(c)(6), a charity.
FOR MORE INFORMATION CONTACT:
Carrie Devorah (562) 688 2883 [email protected]
THE CENTER FOR COPYRIGHT INTEGRITY www.centerforcopyrightintegrity.com
[1] FINCEN- Financial Crimes Enforcement Network
[2] NASD- National Association Of Securities Dealers . FINRA- Financial Industry Regulatory Authority
[3] BD- Broker Dealer : IA – Investment Advisor
[1] FINCEN- Financial Crimes Enforcement Network
[2] NASD- National Association Of Securities Dealers . FINRA- Financial Industry Regulatory Authority
[3] BD- Broker Dealer : IA – Investment Advisor
114th CONGRESS
1st Session
H. R. 1098
To amend the Securities Exchange Act of 1934 to prohibit mandatory pre-dispute arbitration agreements, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
February 26, 2015
Mr. ELLISON (for himself, Ms. BONAMICI, Mr. CAPUANO, Mr. CARTWRIGHT, Mr. CICILLINE, Mr. DEFAZIO, Ms. FRANKEL of Florida, Mr. GRIJALVA, Mr. HECK of Washington, Mr. HINOJOSA, Ms. LEE, Mr. LYNCH, Mr. MEEKS, Mr. MCGOVERN, Ms. SCHAKOWSKY, Mr. SWALWELL of California, Mr. TONKO, and Ms. TSONGAS) introduced the following bill; which was referred to the Committee on Financial Services
A BILL
To amend the Securities Exchange Act of 1934 to prohibit mandatory pre-dispute arbitration agreements, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the `Investor Choice Act of 2015'.
SEC. 2. FINDINGS.
Congress makes the following findings:
(1) Investor confidence in fair and equitable recourse is essential to the health and stability of the securities markets and to the participation of retail investors in such markets.
(2) Brokers, dealers, and investment advisers hold powerful advantages over investors, and mandatory arbitration clauses, including contracts that force investors to submit claims to arbitration or to waive their right to participate in a class action, leverage these advantages to severely restrict the ability of defrauded investors to seek redress.
(3) Investors should be free to choose arbitration to resolve disputes if they judge that arbitration truly offers them the best opportunity to efficiently and fairly settle disputes, and investors should also be free to pursue remedies in court should they view that option as superior to arbitration.
SEC. 3. ARBITRATION AGREEMENTS IN THE SECURITIES EXCHANGE ACT OF 1934.
Section 15(o) of the Securities Exchange Act of 1934 (15 U.S.C. 78o(o)) is amended to read as follows:
`(o) Limitations on Pre-Dispute Agreements- Notwithstanding any other provision of law, it shall be unlawful for any broker, dealer, funding portal, or municipal securities dealer to enter into, modify, or extend an agreement with customers or clients of such entity with respect to a future dispute between the parties to such agreement that--
`(1) mandates arbitration for such dispute;
`(2) restricts, limits, or conditions the ability of a customer or client of such entity to select or designate a forum for resolution of such dispute; or
`(3) restricts, limits, or conditions the ability of a customer or client to pursue a claim relating to such dispute in an individual or representative capacity or on a class action or consolidated basis.'.
SEC. 4. ARBITRATION AGREEMENTS IN THE INVESTMENT ADVISERS ACT OF 1940.
Section 205(f) of the Investment Advisers Act of 1940 (15 U.S.C. 80b-5(f)) is amended to read as follows:
`(f) Notwithstanding any other provision of law, it shall be unlawful for any investment adviser to enter into, modify, or extend an agreement with customers or clients of such entity with respect to a future dispute between the parties to such agreement that--
`(1) mandates arbitration for such dispute;
`(2) restricts, limits, or conditions the ability of a customer or client of such entity to select or designate a forum for resolution of such dispute; or
`(3) restricts, limits, or conditions the ability of a customer or client to pursue a claim relating to such dispute in an individual or representative capacity or on a class action or consolidated basis.'.
SEC. 5. APPLICATION.
The amendments made by this Act shall apply with respect to any agreement entered into, modified, or extended after the date of the enactment of this Act.
END
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
WALL STREET HIDE$ CRIME$ FROM LAW ENFORCEMENT
Congressman Keith Ellison & Senator Al Franken protect Main Street from WALL STREET crime
18 DEMOCRAT LEGISLATORS SUPPORT H.R. 1098
PROTECTING MAIN STREET INVESTORS FROM FORCED WALL STREET ARBITRATIONS
H.R. 1098 ENDS WALL STREET FORCING
· Investment Crimes away from being reported to Law Enforcement & US Attorneys
· false Wall Street crimes data being fed to FINCEN[1] by FINRA & its predecessor NASD[2]
· your State’s Grandmothers, Single mothers, Disabled, Unions, CEOs, Millennials into mandatory arbitrations “stacked” against their recovering hard earned life savings
· your State’s Investment clients to sign Confidentiality Agreements hiding recidivist Wall Street financial criminals from law enforcement arrest, perp sheets, mug shots, fingerprinting and going to jail for crimes you would go to jail for, be branded a felon, lose your civil liberties, your right to vote & hamper getting back on your feet
· true ‘Crime Against Constituents’ data hidden from State Securities Investigators
· your State constituent to Expunge record of their Arbitration Claim to recoup pennies on dollars stolen by Wall Street ($1,975,000 Claimant got back $200,000)
· unsuspecting Investment Clients to retain dishonest Wolves of Wall Street BD’s & IA[3]
Bernie Madoff told Law Enforcement “they knew” when he turned himself in. “They Knew” is the S.R.O. that Wall Street has used as a beard to hide financial crimes & criminals for decades. One S.R.O. acts as Wall Street’s Regulator, alleging it is authorized by a statute of Congress. It is not. The Securities Act of 1934 provides for S.R.O.’s that qualify. The Act limits this self-proclaimed “regulator”, FINRA, to oversight of Investor complaints against dishonest Brokers, Dealers. The Act does not provide oversight of Investment Advisors. FINRAarbitrations are not FAA, Federal Arbitration Act, compliant. FINRA is not neutral. FINRA is a private dues collecting business league licensed by the IRS as a 501(c)(6), a charity.
WALL STREET HIDE$ CRIME$ FROM LAW ENFORCEMENT
Congressman Keith Ellison & Senator Al Franken protect Main Street from WALL STREET crime
18 DEMOCRAT LEGISLATORS SUPPORT H.R. 1098
PROTECTING MAIN STREET INVESTORS FROM FORCED WALL STREET ARBITRATIONS
H.R. 1098 ENDS WALL STREET FORCING
· Investment Crimes away from being reported to Law Enforcement & US Attorneys
· false Wall Street crimes data being fed to FINCEN[1] by FINRA & its predecessor NASD[2]
· your State’s Grandmothers, Single mothers, Disabled, Unions, CEOs, Millennials into mandatory arbitrations “stacked” against their recovering hard earned life savings
· your State’s Investment clients to sign Confidentiality Agreements hiding recidivist Wall Street financial criminals from law enforcement arrest, perp sheets, mug shots, fingerprinting and going to jail for crimes you would go to jail for, be branded a felon, lose your civil liberties, your right to vote & hamper getting back on your feet
· true ‘Crime Against Constituents’ data hidden from State Securities Investigators
· your State constituent to Expunge record of their Arbitration Claim to recoup pennies on dollars stolen by Wall Street ($1,975,000 Claimant got back $200,000)
· unsuspecting Investment Clients to retain dishonest Wolves of Wall Street BD’s & IA[3]
Bernie Madoff told Law Enforcement “they knew” when he turned himself in. “They Knew” is the S.R.O. that Wall Street has used as a beard to hide financial crimes & criminals for decades. One S.R.O. acts as Wall Street’s Regulator, alleging it is authorized by a statute of Congress. It is not. The Securities Act of 1934 provides for S.R.O.’s that qualify. The Act limits this self-proclaimed “regulator”, FINRA, to oversight of Investor complaints against dishonest Brokers, Dealers. The Act does not provide oversight of Investment Advisors. FINRAarbitrations are not FAA, Federal Arbitration Act, compliant. FINRA is not neutral. FINRA is a private dues collecting business league licensed by the IRS as a 501(c)(6), a charity.
FOR MORE INFORMATION CONTACT:
Carrie Devorah (562) 688 2883 [email protected]
THE CENTER FOR COPYRIGHT INTEGRITY www.centerforcopyrightintegrity.com
[1] FINCEN- Financial Crimes Enforcement Network
[2] NASD- National Association Of Securities Dealers . FINRA- Financial Industry Regulatory Authority
[3] BD- Broker Dealer : IA – Investment Advisor
[1] FINCEN- Financial Crimes Enforcement Network
[2] NASD- National Association Of Securities Dealers . FINRA- Financial Industry Regulatory Authority
[3] BD- Broker Dealer : IA – Investment Advisor