Financial Services Committee Approves the Due Process Restoration Act of 2015

The House Committee on Financial Services voted 35 to 25 to approve the Due Process Restoration Act of 2015. The Congressional Research Service summarizes the bill as follows: "This bill amends the Securities Exchange Act of 1934 to authorize a person who is a party to an administrative proceeding brought by the [SEC] under a securities law, and against whom an order imposing a cease and desist order and a penalty may be issued at the conclusion of the proceeding, to require the SEC to terminate the proceeding. If a person requires the SEC to terminate a proceeding, the SEC may bring a civil action against that person for the same remedy that might have been imposed. A legal or equitable remedy may be imposed on a person against whom an administrative proceeding was brought only upon a showing by the SEC of clear and convincing evidence that the person has violated the relevant provision of law."

Congressman Scott Garrett (R-NJ) introduced the bill.