S 1725 · 113th Congress · Finance and Financial Sector
Restoring Main Street Investor Protection and Confidence Act
Bill Progress
✓
Introduced2
Committee3
Senate Vote4
House5
EnactedLatest: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.(2013-11-19)
Plain Language Summary
[AI summary unavailable — showing source text]
Restoring Main Street Investor Protection and Confidence Act - Amends the Securities Investor Protection Act of 1970 to revise the definition of "net equity." Bases the determination of net equity, the positions, options, and contracts of a customer reported to the customer as held by the debtor, and any indebtedness of the customer to the debtor, upon: (1) the information contained in the last statement issued by the debtor to the customer before the filing date; and (2) any additional written confirmations of the customer's positions, options, contracts, or indebtedness received after such last statement but before the filing date. Makes an exception to this requirement when a debtor's records indicate a higher value. Requires determination of the customer's net equity using the debtor's books and records instead of the customer's last statement when the debtor's books and records indicate that the net value of a customer's positions, options, and contracts reported to the customer as held by the debtor, and any indebtedness of the customer to the debtor, is greater than the customer's net value as calculated on the basis specified by this Act. Prohibits reliance on the final sta…
Summarized by Claude AI · Non-partisan · For informational purposes only