The William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021, enacted on January 1, 2021, amended the federal securities laws to expand significantly the SEC’s ability to obtain disgorgement and other remedies. The SEC is now expressly authorized in federal court actions to seek disgorgement of a wrongdoer’s ill-gotten gains and can now do so whenever its claim is brought within five years—or ten years for scienter-based claims—from the last date of the violation giving rise to the claim. Claims for equitable remedies such as injunctions, bars, and suspensions may be brought as long as ten years after the last date of the violation giving rise to the claim.