H.R. 6513 would 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.

== Detailed Summary ==

<summary>
Securities Act of 2008 - (Sec. 2) 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(Sec. 3) 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 broker or dealer; (3) a person associated with a member of a national securities exchange or registered securities association; (4) a participant of a registered clearing agency; (5) an officer or director of a self-regulatory organization; and (6) an officer or director of an investment company.

Amends(Sec. 5) Amends the Securities Act of 1933 to exempt from state regulation any warrants or rights to subscribe or purchase securities offerings.

Amends(Sec. 6) Amends the Securities Act of 1934 and the Investment Advisers Act of 1940 to empower the SEC to bar certain persons from being associated with a broker, dealer, investment adviser, municipal securities dealer, or transfer agent who has engaged in alleged misconduct.

Amends(Sec. 7) Amends the Securities Investor Protection Act of 19701934 to extend its coverage to customers' claimsmodify proscriptions against a debtor for futures contracts or options on commodities futures contracts received, acquired, or held in a portfolio margining account carried as a securities account pursuantthe extension of credit to an approved portfolio margining program. customers.

Requires(Sec. 8) Amends the SEC, the Financial Accounting Standards Board, and the Public Company Accounting Oversight BoardSecurities Investor Protection Act of 1970 to give oral testimony annuallyextend its coverage to certain congressional committeescustomers' claims against a debtor for futures contracts or options on efforts to reduce the complexitycommodities futures contracts received, acquired, or held in financial reporting to provide more accurate and clear financial informationa portfolio margining account carried as a securities account pursuant to investors.an approved portfolio margining program.

Amends(Sec. 9) Requires the Securities Act of 1934 to require a registered securities information processor, national securities exchange,SEC, the Financial Accounting Standards Board, and national securities associationthe Public Company Accounting Oversight Board to submit fingerprints of their staffgive oral testimony annually to certain congressional committees on efforts to reduce the Attorney General. complexity in financial reporting and to provide more accurate and clear financial information to investors.

Amends(Sec. 12) Amends the Securities Act of 1934, the Investment Advisers Act of 1940,1934 to require a registered securities information processor, national securities exchange, and the Investment Company Act of 1940national securities association to revise or prescribe requirements protecting confidentialitysubmit fingerprints of materials submittedtheir staff to the SEC. Attorney General.

Amends(Sec. 15) Amends the Securities Act of 19341934, the Investment Advisers Act of 1940, and the Investment Company Act of 1940 to set forthrevise or prescribe requirements governing privileged information provided by the SECprotecting confidentiality of materials submitted to certain governmental and foreign authorities. the SEC.

Amends(Sec. 16) Amends the Securities Act of 1934 to set forth requirements governing privileged information provided by the SEC to certain governmental and foreign authorities.

(Sec. 18) Sets forth conforming amendments for repeal of the Public Utility Holding Company Act of 1935.

(Sec. 19) Amends the Securities Act of 1933, the Securities Act of 1934, the Investment Advisers Act of 1940, and the Investment Company Act of 1940 to allow nationwide service of subpoenas,subpoenas in any action instituted by the SEC, without application to the court or a showing of cause, in any action instituted by the SEC.cause.
</summary>

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== Status of the Legislation ==

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Latest Major Action: 9/9/2008: House floor actions.9/12/2008: Referred to Senate committee. Status: AtReceived in the conclusion of debate, the chair put the question on the motionSenate and Read twice and referred to suspend the rules. Mr. Ehlers objected to the voteCommittee on the grounds that a quorum was not present. Further proceedings on the motion were postponed. The point of no quorum was withdrawn.Banking, Housing, and Urban Affairs.
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== Points in Favor ==

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== Points Against ==

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