H.R. 657 · 108th Congress
Emergency Securities Response Act of 2003
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Passed the House without a recorded vote, then expired. It passed by voice vote or unanimous consent, which don't record how each member voted, but didn't become law before the 108th Congress ended.
R
GarrettSponsor5 cosponsors · 3 D, 2 R
5 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
- House Introduced Feb 11, 2003
- House Passed Feb 26, 2003
Emergency Securities Response Act of 2003 - (Sec. 2) Amends the Securities Exchange Act of 1934 to grant the Securities and Exchange Commission (SEC) powers, in an emergency, to reduce, eliminate, or prevent the substantial disruption by the emergency of: (1) securities markets, investment companies, or other significant portion of such markets; or (2) the…
What it does: CRS summary · Passed House amended · Feb 26, 2003
Permits such emergency to extend beyond 30 business days, but no more than 90 calendar days, if the SEC finds that the emergency still exists and determines that the continuation of the emergency order beyond 30 business days is necessary in the public interest and for the protection of investors. Redefines emergency to include a major disturbance that substantially disrupts, or threatens to substantially disrupt: (1) the functioning of securities markets, investment companies, or any other significant portion or segment of the securities markets; or (2) the transmission or processing of securities transactions.
Requires the Commission to consult with and consider the views of the Secretary of the Treasury, Board of Governors of the Federal Reserve System, and the Commodity Futures Trading Commission, prior to taking action extending the time frame of its emergency powers unless such consultation is impracticable in light of the emergency.
(Sec. 3) Grants the Secretary of the Treasury parallel authority to take any action with respect to a matter or action subject to regulation by the Secretary involving a government security or a market therein that the Commission may take with respect to securities transactions or a market therein.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Emergency Securities Response Act of 2003
Latest action (Feb 27, 2003): Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Feb 11, 2003
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
- House Introduced Feb 11, 2003
- House Passed Feb 26, 2003
No recorded floor vote found.