H.R. 4344House116th Congress (2019-2021)Passed House

Investor Protection and Capital Markets Fairness Act

AI-Generated Summary

Updated April 14, 2026 at 8:12 AM UTC

The Investor Protection and Capital Markets Fairness Act amends the Securities Exchange Act of 1934 to give the SEC the ability to seek disgorgement of unjust enrichment and other relief in enforcement actions. It also allows courts to issue injunctions and bars on officers and directors, sets a 14‑year statute of limitations for such relief, and requires the SEC to report detailed data on its enforcement actions to Congress within ten years.

Key Provisions

Allows the SEC, in any securities law action, to seek disgorgement of unjust enrichment obtained from the wrongdoing.
Permits federal courts to grant injunctions and bars on officers and directors as additional relief.
Specifies that this additional relief is not a civil fine, penalty, or forfeiture.
Sets a 14‑year statute of limitations for courts to issue such relief, based on when the SEC’s action was commenced.
Requires the SEC to submit a report to Congress within ten years, detailing each enforcement action’s type, issuer, duration of misconduct and investigation, and identifying the ten longest misconduct durations.

Legislative Activity

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14 earlier actions

SenateIntro Referral Latest Action

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Banking, Housing, and Urban Affairs Committee

November 19, 2019

View full timeline

HouseIntro Referral

Introduced in House

September 17, 2019

HouseIntro Referral

Referred to the House Committee on Financial Services.

Financial Services Committee

September 17, 2019

HouseCommittee

Committee Consideration and Mark-up Session Held.

Financial Services Committee

September 18, 2019

HouseCommittee

Committee Consideration and Mark-up Session Held.

Financial Services Committee

September 19, 2019

HouseCommittee

Committee Consideration and Mark-up Session Held.

Financial Services Committee

September 20, 2019

HouseCommittee

Ordered to be Reported (Amended) by the Yeas and Nays: 49 - 5.

Financial Services Committee

September 20, 2019

HouseFloor

Mr. Green, Al (TX) moved to suspend the rules and pass the bill, as amended.

November 18, 2019 • 5:31 PM

HouseFloor

Considered under suspension of the rules. (consideration: CR H8929-8932)

November 18, 2019 • 5:31 PM

HouseFloor

DEBATE - The House proceeded with forty minutes of debate on H.R. 4344.

November 18, 2019 • 5:31 PM

HouseFloor

At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.

November 18, 2019 • 5:51 PM

HouseFloor

Considered as unfinished business. (consideration: CR H8941-8942)

November 18, 2019 • 7:07 PM

HouseFloor

Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 314 - 95 (Roll no. 627).(text: CR H8929)

View vote Passed

November 18, 2019 • 7:15 PM

HouseFloor

On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 314 - 95 (Roll no. 627). (text: CR H8929)

View vote Passed

November 18, 2019 • 7:15 PM

HouseFloor

Motion to reconsider laid on the table Agreed to without objection.

November 18, 2019 • 7:15 PM

SenateIntro Referral

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Banking, Housing, and Urban Affairs Committee

November 19, 2019

Voting History

1 vote recorded • Roll call available

HOUSE

Roll Call Available

November 18, 2019 at 7:13 PM

On Motion to Suspend the Rules and Pass, as Amended

Majority required: 2/3 (66.7%)

Passed

314 - 95

Bill Text

3 versions available

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Referred in SenateIssued November 19, 2019

IIB

116th CONGRESS

1st Session

H. R. 4344

IN THE SENATE OF THE UNITED STATES

November 19, 2019

Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs

AN ACT

To amend the Securities Exchange Act of 1934 to allow the Securities and Exchange Commission to seek and Federal courts to grant disgorgement of unjust enrichment, and for other purposes.

Short title

This Act may be cited as the Investor Protection and Capital Markets Fairness Act.

Additional relief

(a)

In general

Section 21(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78u(d)) is amended by adding at the end the following:

(7)

Additional relief

(A)

In general

In any action or proceeding brought or instituted by the Commission under any provision of the securities laws, the Commission may seek, and any Federal court may grant the following additional relief:

(i)

Disgorgement in the amount of any unjust enrichment obtained as a result of the act or practice with respect to which the Commission is bringing such an action or proceeding.

(ii)

Injunctions, including officer and director bars.

(B)

Rule of construction

Additional relief sought under this paragraph may not be construed to be a civil fine, penalty, or forfeiture subject to chapter 163 of part VI of title 28, United States Code.

(C)

Statute of limitations

A Federal court may not issue relief under this paragraph if the action or proceeding brought or instituted by the Commission was commenced more than 14 years after the alleged violation.

(b)

Effective date

The amendment made by this section shall apply with respect to any actions or proceedings pending or commenced on or after the date of the enactment of this section.

(c)

Report

(1)

In general

Not later than 10 years after the date of the enactment of this Act, the Securities Exchange Commission shall submit to Congress data about each enforcement action brought by the Commission in the 10 years following the date of the enactment of this Act.

(2)

Contents

In submitting data pursuant to paragraph (1), the Commission shall—

(A)

with regard to each enforcement action—

(i)

categorize the type of enforcement action;

(ii)

categorize the type of issuer involved in the enforcement action;

(iii)

identify the approximate duration of the misconduct that gave rise to the enforcement action; and

(iv)

identify the approximate duration of the investigation; and

(B)

identify the 10 enforcement actions with the longest durations of misconduct that gave rise to enforcement actions.

Determination of Budgetary Effects

The budgetary effects of this Act, for the purpose of complying with the Statutory Pay-As-You-Go Act of 2010, shall be determined by reference to the latest statement titled Budgetary Effects of PAYGO Legislation for this Act, submitted for printing in the Congressional Record by the Chairman of the House Budget Committee, provided that such statement has been submitted prior to the vote on passage.

Passed the House of Representatives November 18, 2019.

Cheryl L. Johnson,

Clerk