Legislation that would strengthen the Securities and Exchange Commission's enforcement program has cleared the House.

The House has passed H.R. 6513, the Securities Act of 2008, which would implement a number of measures the SEC has been seeking, including giving the agency authority to impose civil penalties in administrative proceedings without needing to file a separate civil action in federal court, and making nationwide service of subpoenas available in civil actions filed in federal court.The legislation, introduced by Rep. Paul Kanjorski (D-Pa.), chair of the House Financial Services Sub-committee on Capital Markets, Insurance, and Government Sponsored Enterprises, would also allow the SEC to bar individuals who violate securities laws in one sector of the securities industry from entering other segments of the securities industry and would allow the SEC to share privileged information with foreign regulators and law enforcement agencies without waiving any privileges.

Not surprisingly, the SEC applauded the House passage of the bill. An SEC press release says the new tools will “be a boon to the SEC enforcement staff.”

The measure has yet to be taken up by the Senate.