Now a U.S. House of Representatives bill is taking the unusual step of requiring Internet providers to block access to online financial scams that fraudulently invoke the Securities Investor Protection Corporation--or face fines and federal court injunctions.
The House Financial Services Committee approved the legislation on Wednesday by a 41 to 28 vote.
If you've never heard of the SIPC, you're not alone. It's a government-linked entity that aids investors when funds are missing from their accounts, up to a limit of $500,000 for stocks, bonds, and mutual funds. Only investor accounts that investors have opened with members of the SIPC.
For more, read "Congress may require ISPs to block fraud sites" from CNET News.
