CONGRESSWOMAN ELISE STEFANIK
The House is expected to consider H.R. 2873, on the House floor on Wednesday, December 2, 2009, under a motion to suspend the rules, requiring a two-thirds majority vote for passage. This legislation was introduced by Rep. John Campbell (R-CA) on June 15, 2009.
H.R. 2873 amends the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, and the Investment Company Act of 1940 to affirm that, in any action or proceeding instituted under such Acts by the Securities and Exchange Commission (SEC) in a U.S. district court for any judicial district, subpoenas issued by or on behalf of the court to compel the attendance of witnesses or the production of documents or tangible things (or both) may be served in any other district (thus granting the SEC nationwide service of process). The legislation also allows such subpoenas may be served and enforced without application to the court or a showing of cause.
A CBO cost estimate of H.R. 2873 is not yet available.