US Congress Senate Bill 3540 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Democrat 3-1)
Status: Introduced on March 19 2020 - 25% progression, died in committee
Action: 2020-03-19 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Introduced) [PDF]

Revises provisions related to stock buybacks. An issuer of securities may not purchase its own securities on a national exchange if the issuer has (1) received specified financial assistance related to the COVID-19 (i.e., coronavirus disease 2019) pandemic, and (2) repurchased more than $1 billion worth of its own securities in the last five years. Additionally, one-third of such issuer's board of directors must be elected by employees for the issuer to be allowed to register securities. The bill also repeals the Securities and Exchange Commission regulation (Rule 10b-18) that generally provides a safe harbor from market manipulation liability for an issuer engaging in a stock buyback.

Reward Work Act

Sen. Tammy Baldwin [D-WI]

Sen. Richard Blumenthal [D-CT]

Sen. Edward Markey [D-MA]

Sen. Bernard Sanders [I-VT]

Date	Chamber	Action
2020-03-19	Senate	Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

HB3355 (Related) 2019-06-19 - Referred to the House Committee on Financial Services.
SB915 (Related) 2019-03-27 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/senate-bill/3540/all-info
Text	https://www.congress.gov/116/bills/s3540/BILLS-116s3540is.pdf