3.0.0 3540 2022-02-08T23:23:05Z 2022-02-08T23:23:05Z Senate S 2020-03-19 116 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2020-03-19T19:48:09Z Reward Work Act 116 3355 HR 2019-06-19 Referred to the House Committee on Financial Services. Related bill CRS Reward Work Act 116 915 S 2019-03-27 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS 2020-03-19 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2020-03-19 Introduced in Senate IntroReferral 10000 9 Library of Congress B001230 Sen. Baldwin, Tammy [D-WI] Tammy Baldwin D WI N B001277 Sen. Blumenthal, Richard [D-CT] Richard Blumenthal D CT 2020-03-19 True M000133 Sen. Markey, Edward J. [D-MA] Edward Markey D MA J. 2020-03-19 True S000033 Sen. Sanders, Bernard [I-VT] Bernard Sanders I VT 2020-03-19 True Finance and Financial Sector Administrative law and regulatory procedures Cardiovascular and respiratory health Corporate finance and management Emergency medical services and trauma care Infectious and parasitic diseases Labor-management relations Licensing and registrations Securities Securities and Exchange Commission (SEC) Finance and Financial Sector 00 2020-03-19 Introduced in Senate 2020-06-12T13:37:01Z Reward Work Act

This bill 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 Display Title Reward Work Act Short Title(s) as Introduced Reward Work Act Introduced in Senate IS Official Title as Introduced A bill to prohibit public companies from repurchasing their shares on the open market, and for other purposes. Introduced in Senate IS Introduced in Senate 2020-03-19T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s3540is/xml/BILLS-116s3540is.xml 2020-03-19 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.