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Financial Reform Draft Bill

Financial Reform Draft Bill

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Publicado porFOXBusiness.com
Draft of the Restoring American Financial Stability Act of 2010
Draft of the Restoring American Financial Stability Act of 2010

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Published by: FOXBusiness.com on Jun 10, 2010
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05/24/2012

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S.L.C

‘‘§3114. Appointment of candidates to certain posi-

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tions in the competitive service by the

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Securities and Exchange Commission

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‘‘(a) APPLICABILITY.—This section applies with re-

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spect to any position of accountant, economist, and securi-

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ties compliance examiner at the Commission that is in the

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competitive service, and any position at the Commission

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in the competitive service that requires specialized knowl-

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edge of financial and capital market formation or regula-

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tion, financial market structures or surveillance, or infor-

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mation technology.’’.

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(b) CLERICALAMENDMENT.—The table of sections

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for chapter 31 of title 5, United States Code, is amended

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by striking the item relating to section 3114 and inserting

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the following:

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‘‘3114. Appointment of candidates to positions in the competitive service by the
Securities and Exchange Commission.’’.

(c) PAYAUTHORITY.—The Commission may set the

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rate of pay for experts and consultants appointed under

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the authority of section 3109 of title 5, United States

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Code, in the same manner in which it sets the rate of pay

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for employees of the Commission.

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SEC. 929H. SIPC REFORMS.

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(a) INCREASINGTHECASHLIMITOFPROTEC-

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TION.—Section 9 of the Securities Investor Protection Act

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of 1970 (15 U.S.C. 78fff–3) is amended—

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S.L.C

(1) in subsection (a)(1), by striking ‘‘$100,000

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for each such customer’’ and inserting ‘‘the standard

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maximum cash advance amount for each such cus-

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tomer, as determined in accordance with subsection

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(d)’’; and

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(2) by adding the following new subsections:

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‘‘(d) STANDARDMAXIMUMCASHADVANCEAMOUNT

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DEFINED.—For purposes of this section, the term ‘stand-

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ard maximum cash advance amount’ means $250,000, as

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such amount may be adjusted after December 31, 2010,

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as provided under subsection (e).

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‘‘(e) INFLATIONADJUSTMENT.—

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‘‘(1) INGENERAL.—Not later than January 1,

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2011, and every 5 years thereafter, and subject to

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the approval of the Commission as provided under

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section 3(e)(2), the Board of Directors of SIPC shall

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determine whether an inflation adjustment to the

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standard maximum cash advance amount is appro-

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priate. If the Board of Directors of SIPC determines

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such an adjustment is appropriate, then the stand-

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ard maximum cash advance amount shall be an

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amount equal to—

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‘‘(A) $250,000 multiplied by

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‘‘(B) the ratio of the annual value of the

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Personal Consumption Expenditures Chain-

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S.L.C

Type Price Index (or any successor index there-

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to), published by the Department of Commerce,

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for the calendar year preceding the year in

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which such determination is made, to the pub-

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lished annual value of such index for the cal-

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endar year preceding the year in which this

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