Top Legislation - View All
Latest Action: 05/15/2007 - Sponsor introductory remarks on measure. (CR S6141-6142) Bill TextA bill to amend the Investment Advisors Act of 1940, with respect to the exemption to registration requirements. 5/15/2007--Introduced. Hedge Fund Registration Act of 2007 - Amends the Investment Advisers Act of 1940 with respect to the exemption from registration requirements of an investment adviser who: (1) during the preceding 12 months has had fewer than 15 clients; (2) does not hold himself out generally to the public as an investment adviser; and (3) does not act as one to any registered investment company or a company which has elected to be a business development company. Revises such exemption to specify, in addition to these criteria, that during the preceding 12-month period the investment adviser: (1) had assets under management of not more than $50 million; and (2) did not manage the assets of more than 15 investors, whether individually, in a pooled investment vehicle, or otherwise.
Latest Action: 06/14/2007 - Sponsor introductory remarks on measure. (CR S7743) Bill TextA bill to amend the Internal Revenue Code of 1986 to provide that the exception from the treatment of publicly traded partnerships as corporations for partnerships with passive-type income shall not apply to partnerships directly or indirectly deriving income from providing investment adviser and related asset management services. 6/14/2007--Introduced. Amends the Internal Revenue Code to treat as corporations for income tax purposes certain publicly traded partnerships which directly or indirectly derive income or gain from providing services as an investment adviser (as defined by the Investment Advisers Act of 1940) or asset management services.
Also tagged in: Administrative procedure, Confidential communications, Congress, Congressional employees, Congressional ethics, Congressional officers, Congressional publicity, Congressional reporting requirements, Data banks, Directories, Executive departments, Federal employees, Finance, Futures trading, Government employees, Government information, Government paperwork, House rules and procedure, Independent regulatory commissions, Information disclosure (Securities law), Insider trading in securities, Intelligence activities, Law, Legislation, Members of Congress, Misconduct in office, Official secrets, Securities and Exchange Commission, Technology
Latest Action: 06/26/2007 - Referred to the Subcommittee on General Farm Commodities and Risk Management. Bill TextTo prohibit securities and commodities trading based on nonpublic information relating to Congress, and to require additional reporting by Members and employees of Congress of securities transaction, and for other purposes. 5/16/2007--Introduced. Stop Trading on Congressional Knowledge Act - Amends the Securities Exchange Act of 1934 and the Commodities Exchange Act to direct both the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC) to prohibit purchase or sale of either securities or commodities for future delivery by a person in possession of material nonpublic information regarding pending or prospective legislative action if the information was obtained: (1) knowingly from a Member or employee of Congress; (2) by reason of being a Member or employee of Congress; and (3) other federal employees. Amends the Code of Official Conduct of the Rules of the House of Representatives to prohibit designated House personnel from [...] show full description
Also tagged in: Administrative procedure, Executive departments, Finance, Futures trading, Government information, Government paperwork, Independent regulatory commissions, Information disclosure (Securities law), Law, Mutual funds, Securities and Exchange Commission, Securities regulation
Latest Action: 06/06/2007 - Referred to the House Committee on Financial Services. Bill TextTo amend the Investment Advisers Act of 1940 to authorize the Commission to require the registration of hedge fund advisers under that Act. 6/6/2007--Introduced. Securities and Exchange Commission Authority Restoration Act of 2007 - Amends the Investment Advisers Act of 1940 with respect to the exemption from the requirement of registration for any investment adviser: (1) who has had fewer than fifteen clients during the course of the preceding twelve months; and (2) who neither holds himself out generally to the public as an investment adviser, nor acts an an investment adviser to any registered investment company or a company which has elected to be a business development company. Authorizes the Securities and Exchange Commission (SEC) to: (1) limit the availability of this exemption; and (2) require the registration of any investment adviser by requiring that certain shareholders, partners, and beneficial owners of, or investors in, clients of the adviser be counted [...] show full description
Latest Action: 06/20/2007 - Referred to the House Committee on Ways and Means. Bill TextTo amend the Internal Revenue Code of 1986 to provide that the exception from the treatment of publicly traded partnerships as corporations for partnerships with passive-type income shall not apply to partnerships directly or indirectly deriving income from providing investment adviser and related asset management services. 6/20/2007--Introduced. Amends the Internal Revenue Code to treat as corporations for income tax purposes certain publicly traded partnerships which directly or indirectly derive income or gain from providing services as an investment adviser (as defined by the Investment Advisers Act of 1940) or asset management services.
Latest Action: 06/22/2007 - Referred to the House Committee on Ways and Means. Bill TextTo amend the Internal Revenue Code of 1986 to treat income received by partners for performing investment management services as ordinary income received for the performance of services. 6/22/2007--Introduced. Amends the Internal Revenue Code to treat as ordinary income (i.e., income taxed at regular income tax rates) income received by a partner from an investment services partnership interest. Defines "investment services partnership interest" as any interest in a partnership held by a person who provides services to a partnership by: (1) advising the partnership as to the value of specified assets (e.g., real estate, commodities, or options or derivative contracts); (2) advising the partnership about investing in, purchasing, or selling specified assets; (3) managing, acquiring, or disposing of specified assets; or (4) arranging financing with respect to acquiring specified assets.
Also tagged in: Administrative procedure, Affiliated corporations, Automobile insurance, Bank accounts, Bank examination, Bank holding companies, Bank loans, Bank mergers, Bank records, Banks and banking, Brokers, Business, Business insurance, Business records, Casualty insurance, Civil rights, Community development banking, Consent decrees, Consumer credit, Consumers, Data banks, Department of Housing and Urban Development, Department of the Treasury, Depressed areas, Discrimination in consumer credit, Economic policy, Executive departments, Fair housing, Federal Deposit Insurance Corporation, Federal reserve system, Finance, Financial institutions, Financial services, Fines (Penalties), Government corporations, Government information, Government paperwork, Government publicity, Housing, Information disclosure (Securities law), Injunctions, Insurance, Insurance agents, Insurance companies, Insurance premiums, Investments, Law, Liability (Law), Minorities, Mortgage banks, Mortgage guaranty insurance, Mortgages, Mutual funds, Nonbank banks, Property insurance, Public meetings, Racial discrimination, Rural affairs, Securities industry, Securities regulation, Small business, Technology, Usury
Latest Action: 03/01/2007 - Referred to the House Committee on Financial Services. Bill TextTo enhance the availability of capital and credit for all citizens and communities, to ensure that community reinvestment keeps pace as banks, securities firms, and other financial service providers become affiliates as a result of the enactment of the Gramm-Leach-Bliley Act, and for other purposes. 3/1/2007--Introduced. Community Reinvestment Modernization Act of 2007 - Repeals specified revisions to regulations governing the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Director of the Office of Thrift Supervision. Reinstates banking agency regulations in effect before the publication of such revisions. Amends the Bank Holding Company Act of 1956 (BHCA) to subject to the Community Reinvestment Act of 1977 (CRA) nonbank affiliates of bank holding companies that engage in lending or offering banking products or services. Amends the CRA to require a rating reduction [...] show full description
Latest Action: 12/07/2007 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Bill TextTo make various technical and clerical amendments to the Federal securities laws. 12/6/2007--Passed House amended. (There is 1 other summary) Securities Law Technical Corrections Act of 2007 - Makes technical corrections to the following Acts: (1) the Securities Act of 1933; (2) the Securities Exchange Act of 1934; (3) the Trust Indenture Act of 1939; (4) the Investment Company Act of 1940; and (5) the Investment Advisers Act of 1940. Amends the following statutes to make conforming amendments for the repeal of the Public Utility Holding Company Act of 1935: (1) the Securities Exchange Act of 1934; (2) the Trust Indenture Act of 1939; (3) the Investment Company Act of 1940; and (4) the Investment Advisers Act of 1940.
Also tagged in: Accounting, American Samoa, Armed forces, Bonds, Books, Business, Charitable contributions, Children, College costs, Computers, Corporation taxes, Criminal justice, Defense policy, Depreciation and amortization, District of Columbia, Dividends, Earned income tax credit, Education, Educational technology, Elementary and secondary education, Environmental protection, Finance, Food, Hazardous substances, Hazardous waste sites, Hazardous wastes, Higher education, Home ownership, Housing, Housing finance, Humanities, Income tax, Indian lands, Indians, Individual retirement accounts, Insurance premiums, Interest, Investment tax credit, Leases, Liability for environmental damages, Local taxation, Maintenance and repair, Military pay, Military personnel, Minimum tax, Minorities, Minority employment, Mortgage guaranty insurance, Mutual funds, Natural resources, Nature conservation, Partnerships, Pensions, Railroad engineering, Research and development tax credit, Restaurants, Sales tax, School buildings, Science policy, Small business, Sports, Sports facilities, State and local government, State taxation, Student loan funds, Tax credits, Tax deductions, Tax evasion, Tax exclusion, Tax exemption, Tax incentives, Tax penalties, Tax rates, Tax-deferred compensation plans, Taxation, Taxation of foreign income, Teachers, Teaching materials, Technology, Terrorism, Textbooks, Undercover operations, Veterans, Veterans' benefits, Welfare
Latest Action: 10/25/2007 - Referred to the House Committee on Ways and Means. Bill TextTo amend the Internal Revenue Code of 1986 to provide additional tax relief to low and moderate income individuals, to repeal the individual alternative minimum tax, to reform the corporate income tax, and for other purposes. 10/25/2007--Introduced. Tax Reduction and Reform Act of 2007 - Amends Internal Revenue Code provisions relating to individual income tax rates, the alternative minimum tax, partnerships and corporations and extends certain expiring tax credits, deductions, and other tax incentives.Increases and modifies: (1) the standard tax deduction for individual taxpayers; and (2) the earned income and child tax credits. Extends the increased alternative minimum tax exemptions for individual taxpayers through 2007. Repeals such tax after 2007. Imposes limitations on the itemized deductions and exemptions of taxpayers with adjusted gross incomes in excess of $250,000.Treats partnership income earned for providing investment management services [...] show full description
Also tagged in: Business, Capital gains tax, Collection of accounts, Corporation taxes, Energy, Finance, Financial services, Foreign corporations, Foreign policy, Government contractors, Government information, Government paperwork, Government procurement, Income tax, International affairs, Leases, Losses, Minimum tax, Natural gas, Partnerships, Petroleum, Petroleum industry, Public contracts, Rent, Tax administration, Tax credits, Tax deductions, Tax exemption, Tax penalties, Tax returns, Tax treaties, Taxation, Taxation of foreign income, Withholding tax
Latest Action: 06/26/2008 - Received in the Senate and Read twice and referred to the Committee on Finance. Bill TextTo amend the Internal Revenue Code of 1986 to provide individuals temporary relief from the alternative minimum tax, and for other purposes. 6/25/2008--Passed House amended. (There is 1 other summary) Alternative Minimum Tax Relief Act of 2008 - Title I: Individual Tax Relief - Amends the Internal Revenue Code to: (1) increase and extend through 2008 the alternative minimum tax (AMT) exemption amounts; and (2) extend through 2008 the offset of certain nonrefundable personal tax credits against regular and AMT tax liability.Title II: Revenue Provisions- (Sec. 201) Defines an "investment services partnership interest" as any interest in a partnership held by a person who provides services to a partnership by: (1) advising the partnership about investing in, purchasing, or selling specified assets; (2) managing, acquiring, or disposing of specified assets; or (3) arranging financing with respect to acquiring specified assets.[...] show full description
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Latest Legislation - View All
Also tagged in: Brokers, Collection of accounts, Confidential communications, Congress, Congressional reporting requirements, Congressional witnesses, Criminal justice, Debtor and creditor, Federal preemption, Finance, Fines (Penalties), Fingerprints, Futures trading, Government securities, Information disclosure (Securities law), Investors, Law, Margins (Security trading), Options (Contract), Securities fraud, Securities industry, Securities regulation, State and local government, State laws, Stock exchanges, Subpoena
Latest Action: 09/12/2008 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Bill TextTo amend the Federal securities laws to enhance the effectiveness of the Securities and Exchange Commission's enforcement, corporation finance, trading and markets, investment management, and examination programs, and for other purposes. 7/16/2008--Introduced. Securities Act of 2008 - Amends the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Advisers Act of 1940, and the Investment Company Act of 1940 to authorize the Securities and Exchange Commission (SEC) to assess and impose civil penalties in a cease and desist proceeding. Creates a three tiers of increasing civil penalties for acts or omissions of increasing gravity. Authorizes the SEC to censure, place limitations on the activities or functions of, or investigate any person who at the time of specified alleged misconduct was: (1) a member or employee of the the Municipal Securities Rulemaking Board; (2) a person associated or seeking to become associated with a government securities [...] show full description
Also tagged in: Business, Capital gains tax, Collection of accounts, Corporation taxes, Energy, Finance, Financial services, Foreign corporations, Foreign policy, Government contractors, Government information, Government paperwork, Government procurement, Income tax, International affairs, Leases, Losses, Minimum tax, Natural gas, Partnerships, Petroleum, Petroleum industry, Public contracts, Rent, Tax administration, Tax credits, Tax deductions, Tax exemption, Tax penalties, Tax returns, Tax treaties, Taxation, Taxation of foreign income, Withholding tax
Latest Action: 06/26/2008 - Received in the Senate and Read twice and referred to the Committee on Finance. Bill TextTo amend the Internal Revenue Code of 1986 to provide individuals temporary relief from the alternative minimum tax, and for other purposes. 6/25/2008--Passed House amended. (There is 1 other summary) Alternative Minimum Tax Relief Act of 2008 - Title I: Individual Tax Relief - Amends the Internal Revenue Code to: (1) increase and extend through 2008 the alternative minimum tax (AMT) exemption amounts; and (2) extend through 2008 the offset of certain nonrefundable personal tax credits against regular and AMT tax liability.Title II: Revenue Provisions- (Sec. 201) Defines an "investment services partnership interest" as any interest in a partnership held by a person who provides services to a partnership by: (1) advising the partnership about investing in, purchasing, or selling specified assets; (2) managing, acquiring, or disposing of specified assets; or (3) arranging financing with respect to acquiring specified assets.[...] show full description
Also tagged in: Budgets, Business, Children, Citizenship, Congress, Congressional investigations, Congressional reporting requirements, Federal aid to child health services, Finance, Government information, Government publicity, Health insurance, Health policy, Immigration, Income tax, Medicaid, Medical care, Medical statistics, Medically uninsured, Medicine, Partnerships, Pensions, Poor children, Standards, Tax-deferred compensation plans, Taxation, Welfare
Latest Action: 04/29/2008 - Read twice and referred to the Committee on Finance. Bill TextA bill to amend title XXI of the Social Security Act to reauthorize the State Children's Health Insurance Program, to limit income eligibility expansions under that program until the lowest income eligible individuals are enrolled, and for other purposes. 4/29/2008--Introduced. Responsible Expansion of the State Children's Health Insurance Program Act of 2008 - Amends title XXI (State Children's Health Insurance) (SCHIP) of the Social Security Act, as amended by the Medicare, Medicaid, and SCHIP Extension Act of 2007, to revise, reauthorize, and extend the SCHIP program through FY2013. Requires the state SCHIP plan to specify how it will achieve coverage for 85% of eligible targeted low-income children in the state. Prohibits payment for child health assistance for a targeted low-income child in a family whose income exceeds 300% of the poverty line. Sets forth special rules for children with family income between 200% and 300% of the applicable poverty line.[...] show full description
Also tagged in: Aged, Annuities, Budgets, Business, Consumer education, Consumers, Crimes against the elderly, Criminal investigation, Criminal justice, Deceptive advertising, Federal aid to law enforcement, Fees, Finance, Financial services, Fraud, Grants-in-aid, Insurance, Insurance agents, Investments, Investors, Marketing, Pensions, Prosecution, Restrictive trade practices, Securities, Securities regulation, Standards, State and local government, State laws
Latest Action: 04/01/2008 - Sponsor introductory remarks on measure. (CR S2297) Bill TextA bill to protect older Americans from misleading and fraudulent marketing practices, with the goal of increasing retirement security. 4/1/2008--Introduced. Senior Investor Protection Act of 2008 - Directs the Attorney General to establish a program of grants to states to: (1) investigate and prosecute misleading and fraudulent marketing practices; or (2) develop educational materials and training aimed at reducing misleading and fraudulent marketing of financial products toward seniors.
Also tagged in: Accounting, American Samoa, Armed forces, Bonds, Books, Business, Charitable contributions, Children, College costs, Computers, Corporation taxes, Criminal justice, Defense policy, Depreciation and amortization, District of Columbia, Dividends, Earned income tax credit, Education, Educational technology, Elementary and secondary education, Environmental protection, Finance, Food, Hazardous substances, Hazardous waste sites, Hazardous wastes, Higher education, Home ownership, Housing, Housing finance, Humanities, Income tax, Indian lands, Indians, Individual retirement accounts, Insurance premiums, Interest, Investment tax credit, Leases, Liability for environmental damages, Local taxation, Maintenance and repair, Military pay, Military personnel, Minimum tax, Minorities, Minority employment, Mortgage guaranty insurance, Mutual funds, Natural resources, Nature conservation, Partnerships, Pensions, Railroad engineering, Research and development tax credit, Restaurants, Sales tax, School buildings, Science policy, Small business, Sports, Sports facilities, State and local government, State taxation, Student loan funds, Tax credits, Tax deductions, Tax evasion, Tax exclusion, Tax exemption, Tax incentives, Tax penalties, Tax rates, Tax-deferred compensation plans, Taxation, Taxation of foreign income, Teachers, Teaching materials, Technology, Terrorism, Textbooks, Undercover operations, Veterans, Veterans' benefits, Welfare
Latest Action: 10/25/2007 - Referred to the House Committee on Ways and Means. Bill TextTo amend the Internal Revenue Code of 1986 to provide additional tax relief to low and moderate income individuals, to repeal the individual alternative minimum tax, to reform the corporate income tax, and for other purposes. 10/25/2007--Introduced. Tax Reduction and Reform Act of 2007 - Amends Internal Revenue Code provisions relating to individual income tax rates, the alternative minimum tax, partnerships and corporations and extends certain expiring tax credits, deductions, and other tax incentives.Increases and modifies: (1) the standard tax deduction for individual taxpayers; and (2) the earned income and child tax credits. Extends the increased alternative minimum tax exemptions for individual taxpayers through 2007. Repeals such tax after 2007. Imposes limitations on the itemized deductions and exemptions of taxpayers with adjusted gross incomes in excess of $250,000.Treats partnership income earned for providing investment management services [...] show full description
Latest Action: 12/07/2007 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Bill TextTo make various technical and clerical amendments to the Federal securities laws. 12/6/2007--Passed House amended. (There is 1 other summary) Securities Law Technical Corrections Act of 2007 - Makes technical corrections to the following Acts: (1) the Securities Act of 1933; (2) the Securities Exchange Act of 1934; (3) the Trust Indenture Act of 1939; (4) the Investment Company Act of 1940; and (5) the Investment Advisers Act of 1940. Amends the following statutes to make conforming amendments for the repeal of the Public Utility Holding Company Act of 1935: (1) the Securities Exchange Act of 1934; (2) the Trust Indenture Act of 1939; (3) the Investment Company Act of 1940; and (4) the Investment Advisers Act of 1940.
Latest Action: 06/22/2007 - Referred to the House Committee on Ways and Means. Bill TextTo amend the Internal Revenue Code of 1986 to treat income received by partners for performing investment management services as ordinary income received for the performance of services. 6/22/2007--Introduced. Amends the Internal Revenue Code to treat as ordinary income (i.e., income taxed at regular income tax rates) income received by a partner from an investment services partnership interest. Defines "investment services partnership interest" as any interest in a partnership held by a person who provides services to a partnership by: (1) advising the partnership as to the value of specified assets (e.g., real estate, commodities, or options or derivative contracts); (2) advising the partnership about investing in, purchasing, or selling specified assets; (3) managing, acquiring, or disposing of specified assets; or (4) arranging financing with respect to acquiring specified assets.
Latest Action: 06/20/2007 - Referred to the House Committee on Ways and Means. Bill TextTo amend the Internal Revenue Code of 1986 to provide that the exception from the treatment of publicly traded partnerships as corporations for partnerships with passive-type income shall not apply to partnerships directly or indirectly deriving income from providing investment adviser and related asset management services. 6/20/2007--Introduced. Amends the Internal Revenue Code to treat as corporations for income tax purposes certain publicly traded partnerships which directly or indirectly derive income or gain from providing services as an investment adviser (as defined by the Investment Advisers Act of 1940) or asset management services.
Latest Action: 06/14/2007 - Sponsor introductory remarks on measure. (CR S7743) Bill TextA bill to amend the Internal Revenue Code of 1986 to provide that the exception from the treatment of publicly traded partnerships as corporations for partnerships with passive-type income shall not apply to partnerships directly or indirectly deriving income from providing investment adviser and related asset management services. 6/14/2007--Introduced. Amends the Internal Revenue Code to treat as corporations for income tax purposes certain publicly traded partnerships which directly or indirectly derive income or gain from providing services as an investment adviser (as defined by the Investment Advisers Act of 1940) or asset management services.
Also tagged in: Administrative procedure, Executive departments, Finance, Futures trading, Government information, Government paperwork, Independent regulatory commissions, Information disclosure (Securities law), Law, Mutual funds, Securities and Exchange Commission, Securities regulation
Latest Action: 06/06/2007 - Referred to the House Committee on Financial Services. Bill TextTo amend the Investment Advisers Act of 1940 to authorize the Commission to require the registration of hedge fund advisers under that Act. 6/6/2007--Introduced. Securities and Exchange Commission Authority Restoration Act of 2007 - Amends the Investment Advisers Act of 1940 with respect to the exemption from the requirement of registration for any investment adviser: (1) who has had fewer than fifteen clients during the course of the preceding twelve months; and (2) who neither holds himself out generally to the public as an investment adviser, nor acts an an investment adviser to any registered investment company or a company which has elected to be a business development company. Authorizes the Securities and Exchange Commission (SEC) to: (1) limit the availability of this exemption; and (2) require the registration of any investment adviser by requiring that certain shareholders, partners, and beneficial owners of, or investors in, clients of the adviser be counted [...] show full description
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