[Congressional Record Volume 141, Number 42 (Tuesday, March 7, 1995)]
[House]
[Page H2812]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


                               AMENDMENTS

  Under clause 6 of rule XXIII, proposed amendments were submitted as 
follows:

                               H.R. 1058

                         Offered By: Mr. Meehan

       Amendment No. 14: Page 21, beginning on line 13 strike 
     paragraph (4) through page 22, line 23 and insert the 
     following:
       ``(4) Reasonable expectation of integrity of market 
     price.--A plaintiff who buys or sells a security for which it 
     is unreasonable to rely on market price to reflect all 
     current information may not establish reliance pursuant to 
     paragraph (2). The Commission shall, by rule, define for 
     purposes of this paragraph markets or types of securities 
     that are not sufficiently active and liquid to justify such 
     reliance. The Commission shall consider the following factors 
     in determining whether it was reasonable for a party to 
     expect the market price of the security to reflect 
     substantially all publicly available information regarding 
     the issuer of the security--
       ``(A) whether the issuer and its securities are regularly 
     reviewed by two or more analysts;
       ``(B) the weekly trading volume of any class of securities 
     of the issuer of the security;
       ``(C) the existence of public reports by securities 
     analysts concerning any class of securities of the issuer of 
     the security;
       ``(D) the eligibility of the issuer of the security, under 
     the rules and regulations of the Commission, to incorporate 
     by reference its reports made pursuant to section 13 of this 
     title in a registration statement filed under the Securities 
     Act of 1933 in connection with the sale of equity securities; 
     and
       ``(E) a history of immediate movement of the price of any 
     class of securities of the issuer of the security caused by 
     the public dissemination of information regarding unexpected 
     corporate events or financial releases.

                              H.J. Res. 2,

                         Offered By: Mr. Crane

       Amendment No. 2: Strike all after the resolving clause and 
     insert the following:
       Resolved by the Senate and House of Representatives of the 
     United States of America in Congress assembled (two-thirds of 
     each House concurring therein), That the following article is 
     proposed as an amendment to the Constitution of the United 
     States, which shall be valid to all intents and purposes as 
     part of the Constitution when ratified by the legislatures of 
     three-fourths of the several States within seven years after 
     the date of its submission for ratification:

                              ``Article--

       ``Section 1. No person may be elected to the House of 
     Representatives more than three times, and no person who has 
     been a Member of the House of Representatives for one year of 
     a term to which some other person was elected may be elected 
     to the House 
     [[Page H2812]] of Representatives more than two additional 
     times.
       ``Section 2. No person may be elected or appointed to the 
     Senate of the United States more than one time, and no person 
     who has been a Senator for three years of a term to which 
     some other person was elected or appointed may be elected to 
     the Senate of the United States.
       ``Section 3. Only elections occurring after ratification of 
     this article shall be considered for purposes of sections 1 
     and 2.''.
                               H.J. Res 2

                 Offered By: Mr. Frank of Massachusetts

       Amendment No. 3: Section 4., strike ``No election'' and 
     insert ``Election''.

                               H.J. Res 2

                Offered By: Mr. Inglis of South Carolina

       Amendment No. 4: Strike all after the resolving clause and 
     insert the following:

     That the following article is proposed as an amendment to the 
     Constitution of the United States, which shall be valid to 
     all intents and purposes as a part of the Constitution when 
     ratified by the legislatures of three-fourths of the several 
     States within seven years from the date of its submission to 
     the States by the Congress:

                              ``Article --

       ``Section 1. No person who has been elected for a full term 
     to the Senate two times shall be eligible for election or 
     appointment to the Senate. No person who has been elected for 
     a full term to the House of Representatives three times shall 
     be eligible for election to the House of Representatives.
       ``Section 2. No person who has served as a Senator for more 
     than three years of a term to which some other person was 
     elected shall subsequently be eligible for election to the 
     Senate more than once. No person who has served as a 
     Representative for more than one year shall subsequently be 
     eligible for election to the House of Representatives more 
     than two times.
       ``Section 3. No election or service occurring before this 
     article becomes operative shall be taken into account when 
     determining eligibility for election under this article.''.
                              H.J. Res. 2

                        Offered By: Mr. McCollum

       Amendment No. 5: Strike all after the resolving clause and 
     insert the following:

     That the following article is proposed as an amendment to the 
     Constitution of the United States, which shall be valid to 
     all intents and purposes as part of the Constitution when 
     ratified by the legislatures of three-fourths of the several 
     States within seven years from the date of its submission to 
     the States by the Congress:

                              ``Article --

       ``Section 1. No person who has been elected for a full term 
     to the Senate two times shall be eligible for election or 
     appointment to the Senate. No person who has been elected for 
     a full term to the House of Representatives six times shall 
     be eligible for election to the House of Representatives.
       ``Section 2. No person who has served as a Senator for more 
     than three years shall subsequently be eligible for election 
     to the Senate more than once. No person who has served as a 
     Representative for more than one year shall subsequently be 
     eligible for election to the House of Representatives more 
     than five times.
       ``Section 3. No election or service occurring before this 
     article becomes operative shall be taken into account when 
     determining eligibility for election under this article.''.

                              H.J. Res. 2

                        Offered By: Mr. McCollum

       Amendment No. 6: Strike all after the resolving clause and 
     insert the following:

     That the following article is proposed as an amendment to the 
     Constitution of the United States, which shall be valid to 
     all intents and purposes as part of the Constitution when 
     ratified by the legislatures of three-fourths of the several 
     States within seven years from the date of its submission to 
     the States by the Congress:

                              ``Article --

       ``Section 1. No person who has been elected for a full term 
     to the Senate two times shall be eligible for election or 
     appointment to the Senate. No person who has been elected for 
     a full term to the House of Representatives six times shall 
     be eligible for election to the House of Representatives.
       ``Section 2. No person who has served as a Senator for more 
     than three years shall subsequently be eligible for election 
     to the Senate more than once. No person who has served as a 
     Representative for more than one year shall subsequently be 
     eligible for election to the House of Representatives more 
     than five times.
       ``Section 3. No election or service occurring before this 
     article becomes operative shall be taken into account when 
     determining eligibility for election under this article.
       ``Section 4. Nothing in the Constitution or law of any 
     State shall diminish or enhance, directly or indirectly, the 
     limits set by this article.''.
                              H.J. Res. 2

                        Offered By: Mr. McCollum

       Amendment No. 7: Strike all after the resolving clause and 
     insert the following:

     That the following article is proposed as an amendment to the 
     Constitution of the United States, which shall be valid to 
     all intents and purposes as part of the Constitution when 
     ratified by the legislatures of three-fourths of the several 
     States within seven years from the date of its submission by 
     the Congress:

                              ``Article --

       ``Section 1. The term of office of a Representative in 
     Congress shall be four years and shall coincide with the term 
     of the President of the United States.
       ``Section 2. No person who has been elected for a full term 
     to the Senate two times shall be eligible for election or 
     appointment to the Senate. No person who has been elected for 
     a full term to the House of Representatives three times shall 
     be eligible for election to the House of Representatives.
       ``Section 3. No person who has served as a Senator for more 
     than three years shall subsequently be eligible for election 
     to the Senate more than once. No person who has served as a 
     Representative for more than two years shall subsequently be 
     eligible for election to the House of Representatives more 
     than two times.
       ``Section 4. No election or service occurring before this 
     article becomes operative shall be taken into account when 
     determining eligibility for election under this article.
       ``Section 5. No Member of one House of Congress may, except 
     in the final year of that Member's current term, qualify 
     under applicable State law as a candidate for the other House 
     of Congress, unless that Member has resigned from the House 
     in which that Member currently serves.
       ``Section 6. This article shall apply with respect to terms 
     of office of Representatives and Senators beginning after the 
     first day of the year immediately following the first 
     presidential election after ratification of this article.''.
                              H.J. Res. 2

                  Offered By: Mr. Peterson of Florida

       Amendment No. 8: Strike all after the resolving clause and 
     insert the following:

     That the following article is proposed as an amendment to the 
     Constitution of the United States, which shall be valid to 
     all intents and purposes as part of the Constitution when 
     ratified by the legislatures of three fourths of the several 
     States within 7 years from the date of its submission by the 
     Congress:

                              ``Article --

       ``Section 1. The House of Representatives shall be composed 
     of Members chosen every 4th year by the people of the several 
     States. The terms of Representatives shall begin at noon on 
     the 3rd day of January of the years that occur 2 years after 
     the years in which the term of the President begins.
       ``Section 2. A person may not be a Senator if the person 
     has been a Senator for more than 12 years during the lifetime 
     of the person. A person may not be a Representative if the 
     person has been a Representative for more than 12 years 
     during the lifetime of the person. Any term as a Senator or 
     Representative for which a person is elected or appointed to 
     fill a vacancy in the representation of any State in the 
     Congress may not be counted for purposes of computing the 12-
     year limits in this section.
       ``Section 3. Sections 1 and 2 shall apply only to 
     Representatives who are elected on or after the date 
     occurring 1 year after the 1st day that this article is valid 
     as part of the Constitution and on which the electors of the 
     President and the Vice President are chosen.
       ``Section 4. Section 2 shall apply only to Senators who are 
     elected or appointed on or after the date occurring 1 year 
     after the 1st day that this article is valid as part of the 
     Constitution and on which the electors of the President and 
     the Vice President are chosen.''.

                              H.J. Res. 2

                  Offered By: Mr. Peterson of Florida

       Amendment No. 9: Strike all after the resolving clause and 
     insert the following:

     That the following article is proposed as an amendment to the 
     Constitution of the United States, which shall be valid to 
     all intents and purposes as part of the Constitution when 
     ratified by the legislatures of three fourths of the several 
     States within 7 years from the date of its submission by the 
     Congress:

                              ``Article --

       ``Section 1. A person may not be a Senator if the person 
     has been a Senator for more than 12 years during the lifetime 
     of the person. A person may not be a Representative if the 
     person has been a Representative for more than 12 years 
     during the lifetime of the person. Any term as a Senator or 
     Representative for which a person is elected or appointed to 
     fill a vacancy in the representation of any State in the 
     Congress may not be counted for purposes of computing the 12-
     year limits in this section.
       ``Section 2. This article shall apply with respect to terms 
     of Senator and Representative beginning more than one year 
     after the date of the ratification of this article.''.
Vol. 141           WASHINGTON, TUESDAY, MARCH 7, 1995            No. 42
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                                 Senate


               (Legislative day of Monday, March 6, 1995)