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H. Rept. 114-697 1 (2016-07-21)

handle is hein.congrecreports/crptxrtb0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP 114TH CONGRESS REPORT 2d Session HOUSE OF REPRESENTATIVES 114-697 DUE PROCESS RESTORATION ACT OF 2015 JULY 21, 2016.-Committed to the Committee of the Whole House on the State of the Union and ordered to be printed Mr. HENSARLING, from the Committee on Financial Services, submitted the following REPORT together with MINORITY VIEWS [To accompany H.R. 3798] [Including cost estimate of the Congressional Budget Office] The Committee on Financial Services, to whom was referred the bill (H.R. 3798) to amend the Securities Exchange Act of 1934 to permit private persons to compel the Securities and Exchange Commission to seek legal or equitable remedies in a civil action, in- stead of an administrative proceeding, and for other purposes, hav- ing considered the same, report favorably thereon without amend- ment and recommend that the bill do pass. PURPOSE AND SUMMARY Introduced by Representative Scott Garrett on October 22, 2015, H.R. 3798, the Due Process Restoration Act of 2015, provides re- spondents in Securities and Exchange Commission (SEC) enforce- ment cases with the ability to have their case removed from the SEC's administrative or in-house proceedings to a federal district court. H.R. 3798 would accomplish three things: (1) grant a defend- ant in a SEC administrative proceeding against whom a cease and desist order and a penalty may be issued the right to terminate the proceeding, not later than 20 days after receiving notice of such proceeding; (2) permit the SEC to bring the same action in federal court against that person who terminated the administrative pro- ceeding and seek the same remedy that might have been imposed; and (3) raise the burden of proof for cases that remain in SEC ad- 59-006

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