At present, emergency orders issued by the SEC are limited to 10 business days. The new bill aims to extend this to 30 business days, and in some cases, up to three months.
The bill also would broaden the SEC’s emergency-relief coverage to include all federal securities laws.
The legislation is co-sponsored by:
- Representative John LaFalce (D – New York)
- Representative Richard Baker (R – Louisiana), and
- Representative Paul Kanjorski, (D – Pennsylvania)