[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1053 Introduced in House (IH)]







105th CONGRESS
  1st Session
                                H. R. 1053

    To amend the Securities Exchange Act of 1934 to eliminate legal 
  impediments to quotation in decimals for securities transactions in 
order to protect investors and to promote efficiency, competition, and 
                           capital formation.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 13, 1997

Mr. Oxley (for himself, Mr. Markey, Mr. Bliley, Mr. Gillmor, Mr. Crapo, 
  Ms. Furse, Mr. Largent, Mr. Ganske, and Mr. Boucher) introduced the 
    following bill; which was referred to the Committee on Commerce

_______________________________________________________________________

                                 A BILL


 
    To amend the Securities Exchange Act of 1934 to eliminate legal 
  impediments to quotation in decimals for securities transactions in 
order to protect investors and to promote efficiency, competition, and 
                           capital formation.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Common Cents Stock Pricing Act of 
1997''.

SEC. 2. DECIMAL PRICING.

    Section 11A(c) of the Securities Exchange Act of 1934 (15 U.S.C. 
78k-1(c)) is amended by adding at the end the following new paragraph:
    ``(6) Within one year after the date of enactment of this 
paragraph, the Commission shall, by rule prescribed pursuant to 
paragraph (1), require quotations in dollars and cents for transactions 
in equity securities, as necessary or appropriate in the public 
interest, for the protection of investors, or otherwise in furtherance 
of the purposes of this title. Such rule shall contain such schedule 
for implementation as the Commission determines to be appropriate. 
Nothing in this paragraph shall be construed to limit or otherwise 
affect the authority of the Commission under other provisions of this 
title.''.
                                 <all>