PlainBillCongress, translated.Legislation. Context. Public interest.Congressional Research Service
Version 00 · Introduced in House · Feb 9, 2012
Improving Security for Investors and Providing Closure Act of 2012 or Improving SIPC Act of 2012 - Amends the Securities Investor Protection Act of 1970 with respect to any action in a U.S. district court by the Securities and Exchange Commission (SEC) against the Securities Investor Protection Corporation (SIPC) in the event that the SIPC refuses to commit its funds or otherwise act for the protection of customers of any SIPC member (debtor broker or dealer).
Authorizes the SIPC, at the time such an SEC action against it is initiated, to allow all customers of the debtor broker or dealer to elect to receive a one-time payment from the SIPC Fund to settle their net equity claims against the debtor.
Prescribes procedures for such a customer election. Limits the amount paid to a customer under this election to the customer's net equity claims against the debtor.
Showing the opening paragraphs of the official summary.
Caps at $500,000 the amount of a one-time payment the SIPC can make under this election.
Subrogates SIPC to all rights of the customer against the debtor, regardless of whether the one-time payment was in an amount to fully satisfy the customer's claims against the debtor.
Treats a certificate of deposit (CD) purchased by a person through an account with the debtor as cash deposited and held by the debtor in an amount equal to the amount the person paid for the CD, less any amounts paid to such person on the CD.
People & committees
Rep. Cassidy, Bill [R-LA-6] · R–LA
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Subcommittee Hearings Held.
Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Primary sources
Text links open the official source. We currently store references to these documents.
No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Aug 14, 2025. Consult Congress.gov for the current record.
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