House Votes to Expand SEC Ability to Investigate

Yesterday, the House passed the “Enhanced S.E.C. Enforcement Authority Act” to grant new authority to the Securities and Exchange Commission. The bill essentially says that if the SEC gets a court in any jurisdiction to issue a subpoena for witnesses and/or documents that the directive extends to any other jurisdiction. This will allow the SEC to act on its subpoenas nation wide. The bill passed by a voice vote, as it was generally regarded as a beneficial extension of SEC authority to make investigations easier.