US Codex
Bill
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Title II — Demanding Accountability from Wall Street

H.R. 10 · 115th Congress · Jun 12, 2017 · Lineage

II Demanding Accountability from Wall Street

A SEC Penalties Modernization

Sec. 211 Enhancement of civil penalties for securities laws violations

(a)
Updated civil money penalties—
(1)
Securities Act of 1933—
(A)
Money penalties in administrative actions— Section 8A(g)(2) of the Securities Act of 1933 (15 U.S.C. 77h–1(g)(2)) is amended—
(i)
in subparagraph (A)—
(I)
by striking “$7,500” and inserting “$10,000”; and
(II)
by striking “$75,000” and inserting “$100,000”;
(ii)
in subparagraph (B)—
(I)
by striking “$75,000” and inserting “$100,000”; and
(II)
by striking “$375,000” and inserting “$500,000”; and
(iii)
by striking subparagraph (C) and inserting the following:

“(C) Third tier

“(i) In general—Notwithstanding subparagraphs (A) and (B), the amount of penalty for each such act or omission shall not exceed the amount specified in clause (ii) if—

“(I) the act or omission described in paragraph (1) involved fraud, deceit, manipulation, or deliberate or reckless disregard of a regulatory requirement; and

“(II) such act or omission directly or indirectly resulted in—

“(aa) substantial losses or created a significant risk of substantial losses to other persons; or

“(bb) substantial pecuniary gain to the person who committed the act or omission.

“(ii) Maximum amount of penalty—The amount referred to in clause (i) is the greatest of—

“(I) $300,000 for a natural person or $1,450,000 for any other person;

“(II) 3 times the gross amount of pecuniary gain to the person who committed the act or omission; or

“(III) the amount of losses incurred by victims as a result of the act or omission.”

(B)
Money penalties in civil actions— Section 20(d)(2) of the Securities Act of 1933 (15 U.S.C. 77t(d)(2)) is amended—
(i)
in subparagraph (A)—
(I)
by striking “$5,000” and inserting “$10,000”; and
(II)
by striking “$50,000” and inserting “$100,000”;
(ii)
in subparagraph (B)—
(I)
by striking “$50,000” and inserting “$100,000”; and
(II)
by striking “$250,000” and inserting “$500,000”; and
(iii)
by striking subparagraph (C) and inserting the following:

“(C) Third tier

“(i) In general—Notwithstanding subparagraphs (A) and (B), the amount of penalty for each such violation shall not exceed the amount specified in clause (ii) if—

“(I) the violation described in paragraph (1) involved fraud, deceit, manipulation, or deliberate or reckless disregard of a regulatory requirement; and

“(II) such violation directly or indirectly resulted in substantial losses or created a significant risk of substantial losses to other persons.

“(ii) Maximum amount of penalty—The amount referred to in clause (i) is the greatest of—

“(I) $300,000 for a natural person or $1,450,000 for any other person;

“(II) 3 times the gross amount of pecuniary gain to such defendant as a result of the violation; or

“(III) the amount of losses incurred by victims as a result of the violation.”

(2)
Securities Exchange Act of 1934—
(A)
Money penalties in civil actions— Section 21(d)(3)(B) of the Securities Exchange Act of 1934 (15 U.S.C. 78u(d)(3)(B)) is amended—
(i)
in clause (i)—
(I)
by striking “$5,000” and inserting “$10,000”; and
(II)
by striking “$50,000” and inserting “$100,000”;
(ii)
in clause (ii)—
(I)
by striking “$50,000” and inserting “$100,000”; and
(II)
by striking “$250,000” and inserting “$500,000”; and
(iii)
by striking clause (iii) and inserting the following:

“(iii) Third tier

“(I) In general—Notwithstanding clauses (i) and (ii), the amount of penalty for each such violation shall not exceed the amount specified in subclause (II) if—

“(aa) the violation described in subparagraph (A) involved fraud, deceit, manipulation, or deliberate or reckless disregard of a regulatory requirement; and

“(bb) such violation directly or indirectly resulted in substantial losses or created a significant risk of substantial losses to other persons.

“(II) Maximum amount of penalty—The amount referred to in subclause (I) is the greatest of—

“(aa) $300,000 for a natural person or $1,450,000 for any other person;

“(bb) 3 times the gross amount of pecuniary gain to such defendant as a result of the violation; or

“(cc) the amount of losses incurred by victims as a result of the violation.”

(B)
Money penalties in administrative actions— Section 21B(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78u–2(b)) is amended—
(i)
in paragraph (1)—
(I)
by striking “$5,000” and inserting “$10,000”; and
(II)
by striking “$50,000” and inserting “$100,000”;
(ii)
in paragraph (2)—
(I)
by striking “$50,000” and inserting “$100,000”; and
(II)
by striking “$250,000” and inserting “$500,000”; and
(iii)
by striking paragraph (3) and inserting the following:

“(3) Third tier

“(A) In general—Notwithstanding paragraphs (1) and (2), the amount of penalty for each such act or omission shall not exceed the amount specified in subparagraph (B) if—

“(i) the act or omission described in subsection (a) involved fraud, deceit, manipulation, or deliberate or reckless disregard of a regulatory requirement; and

“(ii) such act or omission directly or indirectly resulted in substantial losses or created a significant risk of substantial losses to other persons or resulted in substantial pecuniary gain to the person who committed the act or omission.

“(B) Maximum amount of penalty—The amount referred to in subparagraph (A) is the greatest of—

“(i) $300,000 for a natural person or $1,450,000 for any other person;

“(ii) 3 times the gross amount of pecuniary gain to the person who committed the act or omission; or

“(iii) the amount of losses incurred by victims as a result of the act or omission.”

(3)
Investment Company Act of 1940—
(A)
Money penalties in administrative actions— Section 9(d)(2) of the Investment Company Act of 1940 (15 U.S.C. 80a–9(d)(2)) is amended—
(i)
in subparagraph (A)—
(I)
by striking “$5,000” and inserting “$10,000”; and
(II)
by striking “$50,000” and inserting “$100,000”;
(ii)
in subparagraph (B)—
(I)
by striking “$50,000” and inserting “$100,000”; and
(II)
by striking “$250,000” and inserting “$500,000”; and
(iii)
by striking subparagraph (C) and inserting the following:

“(C) Third tier

“(i) In general—Notwithstanding subparagraphs (A) and (B), the amount of penalty for each such act or omission shall not exceed the amount specified in clause (ii) if—

“(I) the act or omission described in paragraph (1) involved fraud, deceit, manipulation, or deliberate or reckless disregard of a regulatory requirement; and

“(II) such act or omission directly or indirectly resulted in substantial losses or created a significant risk of substantial losses to other persons or resulted in substantial pecuniary gain to the person who committed the act or omission.

“(ii) Maximum amount of penalty—The amount referred to in clause (i) is the greatest of—

“(I) $300,000 for a natural person or $1,450,000 for any other person;

“(II) 3 times the gross amount of pecuniary gain to the person who committed the act or omission; or

“(III) the amount of losses incurred by victims as a result of the act or omission.”

(B)
Money penalties in civil actions— Section 42(e)(2) of the Investment Company Act of 1940 (15 U.S.C. 80a–41(e)(2)) is amended—
(i)
in subparagraph (A)—
(I)
by striking “$5,000” and inserting “$10,000”; and
(II)
by striking “$50,000” and inserting “$100,000”;
(ii)
in subparagraph (B)—
(I)
by striking “$50,000” and inserting “$100,000”; and
(II)
by striking “$250,000” and inserting “$500,000”; and
(iii)
by striking subparagraph (C) and inserting the following:

“(C) Third tier

“(i) In general—Notwithstanding subparagraphs (A) and (B), the amount of penalty for each such violation shall not exceed the amount specified in clause (ii) if—

“(I) the violation described in paragraph (1) involved fraud, deceit, manipulation, or deliberate or reckless disregard of a regulatory requirement; and

“(II) such violation directly or indirectly resulted in substantial losses or created a significant risk of substantial losses to other persons.

“(ii) Maximum amount of penalty—The amount referred to in clause (i) is the greatest of—

“(I) $300,000 for a natural person or $1,450,000 for any other person;

“(II) 3 times the gross amount of pecuniary gain to such defendant as a result of the violation; or

“(III) the amount of losses incurred by victims as a result of the violation.”

(4)
Investment Advisers Act of 1940—
(A)
Money penalties in administrative actions— Section 203(i)(2) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–3(i)(2)) is amended—
(i)
in subparagraph (A)—
(I)
by striking “$5,000” and inserting “$10,000”; and
(II)
by striking “$50,000” and inserting “$100,000”;
(ii)
in subparagraph (B)—
(I)
by striking “$50,000” and inserting “$100,000”; and
(II)
by striking “$250,000” and inserting “$500,000”; and
(iii)
by striking subparagraph (C) and inserting the following:

“(C) Third tier

“(i) In general—Notwithstanding subparagraphs (A) and (B), the amount of penalty for each such act or omission shall not exceed the amount specified in clause (ii) if—

“(I) the act or omission described in paragraph (1) involved fraud, deceit, manipulation, or deliberate or reckless disregard of a regulatory requirement; and

“(II) such act or omission directly or indirectly resulted in substantial losses or created a significant risk of substantial losses to other persons or resulted in substantial pecuniary gain to the person who committed the act or omission.

“(ii) Maximum amount of penalty—The amount referred to in clause (i) is the greatest of—

“(I) $300,000 for a natural person or $1,450,000 for any other person;

“(II) 3 times the gross amount of pecuniary gain to the person who committed the act or omission; or

“(III) the amount of losses incurred by victims as a result of the act or omission.”

(B)
Money penalties in civil actions— Section 209(e)(2) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–9(e)(2)) is amended—
(i)
in subparagraph (A)—
(I)
by striking “$5,000” and inserting “$10,000”; and
(II)
by striking “$50,000” and inserting “$100,000”;
(ii)
in subparagraph (B)—
(I)
by striking “$50,000” and inserting “$100,000”; and
(II)
by striking “$250,000” and inserting “$500,000”; and
(iii)
by striking subparagraph (C) and inserting the following:

“(C) Third tier

“(i) In general—Notwithstanding subparagraphs (A) and (B), the amount of penalty for each such violation shall not exceed the amount specified in clause (ii) if—

“(I) the violation described in paragraph (1) involved fraud, deceit, manipulation, or deliberate or reckless disregard of a regulatory requirement; and

“(II) such violation directly or indirectly resulted in substantial losses or created a significant risk of substantial losses to other persons.

“(ii) Maximum amount of penalty—The amount referred to in clause (i) is the greatest of—

“(I) $300,000 for a natural person or $1,450,000 for any other person;

“(II) 3 times the gross amount of pecuniary gain to such defendant as a result of the violation; or

“(III) the amount of losses incurred by victims as a result of the violation.”

(b)
Penalties for recidivists—
(1)
Securities Act of 1933—
(A)
Money penalties in administrative actions— Section 8A(g)(2) of the Securities Act of 1933 (15 U.S.C. 77h–1(g)(2)) is amended by adding at the end the following:

“(D) Fourth tier—Notwithstanding subparagraphs (A), (B), and (C), the maximum amount of penalty for each such act or omission shall be 3 times the otherwise applicable amount in such subparagraphs if, within the 5-year period preceding such act or omission, the person who committed the act or omission was criminally convicted for securities fraud or became subject to a judgment or order imposing monetary, equitable, or administrative relief in any Commission action alleging fraud by that person.”

(B)
Money penalties in civil actions— Section 20(d)(2) of the Securities Act of 1933 (15 U.S.C. 77t(d)(2)) is amended by adding at the end the following:

“(D) Fourth tier—Notwithstanding subparagraphs (A), (B), and (C), the maximum amount of penalty for each such violation shall be 3 times the otherwise applicable amount in such subparagraphs if, within the 5-year period preceding such violation, the defendant was criminally convicted for securities fraud or became subject to a judgment or order imposing monetary, equitable, or administrative relief in any Commission action alleging fraud by that defendant.”

(2)
Securities Exchange Act of 1934—
(A)
Money penalties in civil actions— Section 21(d)(3)(B) of the Securities Exchange Act of 1934 (15 U.S.C. 78u(d)(3)(B)) is amended by adding at the end the following:

“(iv) Fourth tier—Notwithstanding clauses (i), (ii), and (iii), the maximum amount of penalty for each such violation shall be 3 times the otherwise applicable amount in such clauses if, within the 5-year period preceding such violation, the defendant was criminally convicted for securities fraud or became subject to a judgment or order imposing monetary, equitable, or administrative relief in any Commission action alleging fraud by that defendant.”

(B)
Money penalties in administrative actions— Section 21B(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78u–2(b)) is amended by adding at the end the following:

“(4) Fourth tier—Notwithstanding paragraphs (1), (2), and (3), the maximum amount of penalty for each such act or omission shall be 3 times the otherwise applicable amount in such paragraphs if, within the 5-year period preceding such act or omission, the person who committed the act or omission was criminally convicted for securities fraud or became subject to a judgment or order imposing monetary, equitable, or administrative relief in any Commission action alleging fraud by that person.”

(3)
Investment Company Act of 1940—
(A)
Money penalties in administrative actions— Section 9(d)(2) of the Investment Company Act of 1940 (15 U.S.C. 80a–9(d)(2)) is amended by adding at the end the following:

“(D) Fourth tier—Notwithstanding subparagraphs (A), (B), and (C), the maximum amount of penalty for each such act or omission shall be 3 times the otherwise applicable amount in such subparagraphs if, within the 5-year period preceding such act or omission, the person who committed the act or omission was criminally convicted for securities fraud or became subject to a judgment or order imposing monetary, equitable, or administrative relief in any Commission action alleging fraud by that person.”

(B)
Money penalties in civil actions— Section 42(e)(2) of the Investment Company Act of 1940 (15 U.S.C. 80a–41(e)(2)) is amended by adding at the end the following:

“(D) Fourth tier—Notwithstanding subparagraphs (A), (B), and (C), the maximum amount of penalty for each such violation shall be 3 times the otherwise applicable amount in such subparagraphs if, within the 5-year period preceding such violation, the defendant was criminally convicted for securities fraud or became subject to a judgment or order imposing monetary, equitable, or administrative relief in any Commission action alleging fraud by that defendant.”

(4)
Investment Advisers Act of 1940—
(A)
Money penalties in administrative actions— Section 203(i)(2) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–3(i)(2)) is amended by adding at the end the following:

“(D) Fourth tier—Notwithstanding subparagraphs (A), (B), and (C), the maximum amount of penalty for each such act or omission shall be 3 times the otherwise applicable amount in such subparagraphs if, within the 5-year period preceding such act or omission, the person who committed the act or omission was criminally convicted for securities fraud or became subject to a judgment or order imposing monetary, equitable, or administrative relief in any Commission action alleging fraud by that person.”

(B)
Money penalties in civil actions— Section 209(e)(2) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–9(e)(2)) is amended by adding at the end the following:

“(D) Fourth tier—Notwithstanding subparagraphs (A), (B), and (C), the maximum amount of penalty for each such violation shall be 3 times the otherwise applicable amount in such subparagraphs if, within the 5-year period preceding such violation, the defendant was criminally convicted for securities fraud or became subject to a judgment or order imposing monetary, equitable, or administrative relief in any Commission action alleging fraud by that defendant.”

(c)
Violations of injunctions and bars—
(1)
Securities Act of 1933— Section 20(d) of the Securities Act of 1933 (15 U.S.C. 77t(d)) is amended—
(A)
in paragraph (1), by inserting after “the rules or regulations thereunder,” the following: “a Federal court injunction or a bar obtained or entered by the Commission under this title,”; and
(B)
by striking paragraph (4) and inserting the following:

“(4) Special provisions relating to a violation of an injunction or certain orders

“(A) In general—Each separate violation of an injunction or order described in subparagraph (B) shall be a separate offense, except that in the case of a violation through a continuing failure to comply with such injunction or order, each day of the failure to comply with the injunction or order shall be deemed a separate offense.

“(B) Injunctions and orders—Subparagraph (A) shall apply with respect to any action to enforce—

“(i) a Federal court injunction obtained pursuant to this title;

“(ii) an order entered or obtained by the Commission pursuant to this title that bars, suspends, places limitations on the activities or functions of, or prohibits the activities of, a person; or

“(iii) a cease-and-desist order entered by the Commission pursuant to section 8A.”

(2)
Securities Exchange Act of 1934— Section 21(d)(3) of the Securities Exchange Act of 1934 (15 U.S.C. 78u(d)(3)) is amended—
(A)
in subparagraph (A), by inserting after “the rules or regulations thereunder,” the following: “a Federal court injunction or a bar obtained or entered by the Commission under this title,”; and
(B)
by striking subparagraph (D) and inserting the following:

“(D) Special provisions relating to a violation of an injunction or certain orders

“(i) In general—Each separate violation of an injunction or order described in clause (ii) shall be a separate offense, except that in the case of a violation through a continuing failure to comply with such injunction or order, each day of the failure to comply with the injunction or order shall be deemed a separate offense.

“(ii) Injunctions and orders—Clause (i) shall apply with respect to an action to enforce—

“(I) a Federal court injunction obtained pursuant to this title;

“(II) an order entered or obtained by the Commission pursuant to this title that bars, suspends, places limitations on the activities or functions of, or prohibits the activities of, a person; or

“(III) a cease-and-desist order entered by the Commission pursuant to section 21C.”

(3)
Investment Company Act of 1940— Section 42(e) of the Investment Company Act of 1940 (15 U.S.C. 80a–41(e)) is amended—
(A)
in paragraph (1), by inserting after “the rules or regulations thereunder,” the following: “a Federal court injunction or a bar obtained or entered by the Commission under this title,”; and
(B)
by striking paragraph (4) and inserting the following:

“(4) Special provisions relating to a violation of an injunction or certain orders

“(A) In general—Each separate violation of an injunction or order described in subparagraph (B) shall be a separate offense, except that in the case of a violation through a continuing failure to comply with such injunction or order, each day of the failure to comply with the injunction or order shall be deemed a separate offense.

“(B) Injunctions and orders—Subparagraph (A) shall apply with respect to any action to enforce—

“(i) a Federal court injunction obtained pursuant to this title;

“(ii) an order entered or obtained by the Commission pursuant to this title that bars, suspends, places limitations on the activities or functions of, or prohibits the activities of, a person; or

“(iii) a cease-and-desist order entered by the Commission pursuant to section 9(f).”

(4)
Investment Advisers Act of 1940— Section 209(e) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–9(e)) is amended—
(A)
in paragraph (1), by inserting after “the rules or regulations thereunder,” the following: “a Federal court injunction or a bar obtained or entered by the Commission under this title,”; and
(B)
by striking paragraph (4) and inserting the following:

“(4) Special provisions relating to a violation of an injunction or certain orders

“(A) In general—Each separate violation of an injunction or order described in subparagraph (B) shall be a separate offense, except that in the case of a violation through a continuing failure to comply with such injunction or order, each day of the failure to comply with the injunction or order shall be deemed a separate offense.

“(B) Injunctions and orders—Subparagraph (A) shall apply with respect to any action to enforce—

“(i) a Federal court injunction obtained pursuant to this title;

“(ii) an order entered or obtained by the Commission pursuant to this title that bars, suspends, places limitations on the activities or functions of, or prohibits the activities of, a person; or

“(iii) a cease-and-desist order entered by the Commission pursuant to section 203(k).”

(d)
Effective date— The amendments made by this section shall apply with respect to conduct that occurs after the date of the enactment of this Act.

Sec. 212 Updated civil money penalties of Public Company Accounting Oversight Board

(a)
In general— Section 105(c)(4)(D) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7215(c)(4)(D)) is amended—
(1)
in clause (i)—
(A)
by striking “$100,000” and inserting “$200,000”; and
(B)
by striking “$2,000,000” and inserting “$4,000,000”; and
(2)
in clause (ii)—
(A)
by striking “$750,000” and inserting “$1,500,000”; and
(B)
by striking “$15,000,000” and inserting “$22,000,000”.
(b)
Effective date— The amendments made by this section shall apply with respect to conduct that occurs after the date of the enactment of this Act.

Sec. 213 Updated civil money penalty for controlling persons in connection with insider trading

(a)
In general— Section 21A(a)(3) of the Securities Exchange Act of 1934 (15 U.S.C. 78u–1(a)(3)) is amended by striking “$1,000,000” and inserting “$2,500,000”.
(b)
Effective date— The amendment made by this section shall apply with respect to conduct that occurs after the date of the enactment of this Act.

Sec. 214 Update of certain other penalties

(a)
In general— Section 32 of the Securities Exchange Act of 1934 (15 U.S.C. 78ff) is amended—
(1)
in subsection (a), by striking “$5,000,000” and inserting “$7,000,000”; and
(2)
in subsection (c)—
(A)
in paragraph (1)—
(i)
in subparagraph (A), by striking “$2,000,000” and inserting “$4,000,000”; and
(ii)
in subparagraph (B), by striking “$10,000” and inserting “$50,000”; and
(B)
in paragraph (2)—
(i)
in subparagraph (A), by striking “$100,000” and inserting “$250,000”; and
(ii)
in subparagraph (B), by striking “$10,000” and inserting “$50,000”.
(b)
Effective date— The amendments made by this section shall apply with respect to conduct that occurs after the date of the enactment of this Act.

Sec. 215 Monetary sanctions to be used for the relief of victims

(a)
In general— Section 308(a) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7246(a)) is amended to read as follows:

“(a) Monetary sanctions to be used for the relief of victims

“(1) In general—If, in any judicial or administrative action brought by the Commission under the securities laws, the Commission obtains a monetary sanction (as defined in section 21F(a) of the Securities Exchange Act of 1934) against any person for a violation of such laws, or such person agrees, in settlement of any such action, to such monetary sanction, the amount of such monetary sanction shall, on the motion or at the direction of the Commission, be added to and become part of a disgorgement fund or other fund established for the benefit of the victims of such violation.

“(2) Definition of victim—In this subsection, the term victim has the meaning given the term crime victim in section 3771(e) of title 18, United States Code.”

(b)
Monetary sanction defined— Section 21F(a)(4)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78u–6(a)(4)(A)) is amended by striking “ordered” and inserting “required”.
(c)
Effective date— The amendments made by this section apply with respect to any monetary sanction ordered or required to be paid before or after the date of enactment of this Act.

Sec. 216 GAO report on use of civil money penalty authority by Commission

(a)
In general— Not later than 2 years after the date of the enactment of this Act, the Comptroller General of the United States shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a report on the use by the Commission of the authority to impose or obtain civil money penalties for violations of the securities laws during the period beginning on June 1, 2010, and ending on the date of the enactment of this Act.
(b)
Matters required To be included— The matters covered by the report required by subsection (a) shall include the following:
(1)
The types of violations for which civil money penalties were imposed or obtained.
(2)
The types of persons on whom civil money penalties were imposed or from whom such penalties were obtained.
(3)
The number and dollar amount of civil money penalties imposed or obtained, disaggregated as follows:
(A)
Penalties imposed in administrative actions and penalties obtained in judicial actions.
(B)
Penalties imposed on or obtained from issuers (individual and aggregate filers) and penalties imposed on or obtained from other persons.
(C)
Penalties permitted to be retained for use by the Commission and penalties deposited in the general fund of the Treasury of the United States.
(4)
For penalties imposed on or obtained from issuers:
(A)
Whether the violations involved resulted in direct economic benefit to the issuers.
(B)
The impact of the penalties on the shareholders of the issuers.
(c)
Definitions— In this section, the terms Commission, issuer, and securities laws have the meanings given such terms in section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)).

B FIRREA Penalties Modernization

Sec. 221 Increase of civil and criminal penalties originally established in the Financial Institutions Reform, Recovery, and Enforcement Act of 1989

(a)
Amendments to FIRREA— Section 951(b) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1833a(b)) is amended—
(1)
in paragraph (1), by striking “$1,000,000” and inserting “$1,500,000”; and
(2)
in paragraph (2), by striking “$1,000,000 per day or $5,000,000” and inserting “$1,500,000 per day or $7,500,000”.
(b)
Amendments to the Home Owners’ Loan Act— The Home Owners’ Loan Act (12 U.S.C. 1461 et seq.) is amended—
(1)
in section 5(v)(6), by striking “$1,000,000” and inserting “$1,500,000”; and
(2)
in section 10—
(A)
in subsection (r)(3), by striking “$1,000,000” and inserting “$1,500,000”; and
(B)
in subsection (i)(1)(B), by striking “$1,000,000” and inserting “$1,500,000”.
(c)
Amendments to the Federal Deposit Insurance Act— The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) is amended—
(1)
in section 7—
(A)
in subsection (a)(1), by striking “$1,000,000” and inserting “$1,500,000”; and
(B)
in subsection (j)(16)(D), by striking “$1,000,000” each place such term appears and inserting “$1,500,000”;
(2)
in section 8—
(A)
in subsection (i)(2)(D), by striking “$1,000,000” each place such term appears and inserting “$1,500,000”; and
(B)
in subsection (j), by striking “$1,000,000” and inserting “$1,500,000”; and
(3)
in section 19(b), by striking “$1,000,000” and inserting “$1,500,000”.
(d)
Amendments to the Federal Credit Union Act— The Federal Credit Union Act (12 U.S.C. 1751 et seq.) is amended—
(1)
in section 202(a)(3), by striking “$1,000,000” and inserting “$1,500,000”;
(2)
in section 205(d)(3), by striking “$1,000,000” and inserting “$1,500,000”; and
(3)
in section 206—
(A)
in subsection (k)(2)(D), by striking “$1,000,000” each place such term appears and inserting “$1,500,000”; and
(B)
in subsection (l), by striking “$1,000,000” and inserting “$1,500,000”.
(e)
Amendments to the Revised Statutes of the United States— Title LXII of the Revised Statutes of the United States is amended—
(1)
in section 5213(c), by striking “$1,000,000” and inserting “$1,500,000”; and
(2)
in section 5239(b)(4), by striking “$1,000,000” each place such term appears and inserting “$1,500,000”.
(f)
Amendments to the Federal Reserve Act— The Federal Reserve Act (12 U.S.C. 221 et seq.) is amended—
(1)
in the 6th undesignated paragraph of section 9, by striking “$1,000,000” and inserting “$1,500,000”;
(2)
in section 19(l)(4), by striking “$1,000,000” each place such term appears and inserting “$1,500,000”; and
(3)
in section 29(d), by striking “$1,000,000” each place such term appears and inserting “$1,500,000”.
(g)
Amendments to the Bank Holding Company Act Amendments of 1970— Section 106(b)(2)(F)(iv) of the Bank Holding Company Act Amendments of 1970 (12 U.S.C. 1978(b)(2)(F)(iv)) is amended by striking “$1,000,000” each place such term appears and inserting “$1,500,000”.
(h)
Amendments to the Bank Holding Company Act of 1956— Section 8 of the Bank Holding Company Act of 1956 (12 U.S.C. 1847) is amended—
(1)
in subsection (a)(2), by striking “$1,000,000” and inserting “$1,500,000”; and
(2)
in subsection (d)(3), by striking “$1,000,000” and inserting “$1,500,000”.
(i)
Amendments to title 18, United States Code— Title 18, United States Code, is amended—
(1)
in section 215(a) of chapter 11, by striking “$1,000,000” and inserting “$1,500,000”;
(2)
in chapter 31—
(A)
in section 656, by striking “$1,000,000” and inserting “$1,500,000”; and
(B)
in section 657, by striking “$1,000,000” and inserting “$1,500,000”;
(3)
in chapter 47—
(A)
in section 1005, by striking “$1,000,000” and inserting “$1,500,000”;
(B)
in section 1006, by striking “$1,000,000” and inserting “$1,500,000”;
(C)
in section 1007, by striking “$1,000,000” and inserting “$1,500,000”; and
(D)
in section 1014, by striking “$1,000,000” and inserting “$1,500,000”; and
(4)
in chapter 63—
(A)
in section 1341, by striking “$1,000,000” and inserting “$1,500,000”;
(B)
in section 1343, by striking “$1,000,000” and inserting “$1,500,000”; and
(C)
in section 1344, by striking “$1,000,000” and inserting “$1,500,000”.