A bill to amend the Securities Investor Protection Act to increase the amount of protection available under such Act to customers of brokers and dealers, and to provide for the applicability of the Right to Financial Privacy Act of 1978 to the Securities and Exchange Commission.

Amends the Securities Investor Protection Act to increase from $100,000 to $500,000 the maximum amount which the Securities Investor Protection Corporation may distribute to a customer in the liquidation of a broker-dealer. Permits up to $100,000 of such amount (presently, $40,000) to be used to satisfy a claim for cash.

Amends the Right to Financial Privacy Act of 1978 to apply its provisions to the Securities and Exchange Commission, except as provided in the Securities Exchange Act of 1934.

Amends the Securities Exchange Act of 1934 to authorize the Commission to obtain copies of information contained in financial records of a customer from a financial institution without prior notice to the customer upon an ex parte showing to an appropriate district court that the Commission: (1) seeks such records pursuant to a subpoena issued in conformity with the requirements of the Federal securities laws; and (2) has reason to believe that specified acts or results will occur.

Requires, upon expiration of any authorized period of delay of notification, that the customer be served with a copy of the subpoena along with a specified notice which describes the nature of the investigation.

Directs the Commission to compile an annual tabulation of the occasions on which the Commission obtains access to financial records of a customer as authorized under this Act and include such tabulation in its annual report to Congress.

Permits a customer, following the expiration of the period of delay of notification, to reopen the proceeding in the district court. Authorizes such court to grant civil penalties against the Commission or issue injunctive relief if the Commission has obtained records in violation of this Act.

Directs the Office of Personnel Management to initiate a proceeding to determine whether disciplinary action should be taken against an employee of the Commission who acted in a willful and intentional manner and without good faith with respect to the violation.

Authorizes the Commission to transfer financial records to any government authority in accordance with the Right to Financial Privacy Act, but permits customer notice to be delayed upon an appropriate showing under this Act.

Authorizes the Commission to obtain financial records from a financial institution or transfer such records in accordance with the Right to Financial Privacy Act of 1978.