[Congressional Record Volume 141, Number 105 (Monday, June 26, 1995)]
[Senate]
[Page S9101]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                          AMENDMENTS SUBMITTED

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            PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

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                      SARBANES AMENDMENT NO. 1472

  Mr. SARBANES proposed an amendment to the bill, S. 240, to amend the 
Securities Exchange Act of 1934 to establish a filing deadline and to 
provide certain safeguards to ensure that the interests of investors 
are well protected under the implied private action provisions of the 
act; as follows:

       On page 134, strike line 6, and insert the following:
       ``(A) Net financial worth.--Each''.
       On page 134, strike lines 9 through 15, and insert the 
     following: ``that the net financial worth of the''.
       On page 134, line 23, strike ``50 percent'' and insert 
     ``100 percent''.
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                 BOXER (AND GRAHAM) AMENDMENT NO. 1473

  Mrs. BOXER (for herself and Mr. Graham) proposed an amendment to the 
bill, S. 240, supra; as follows:

       At the appropriate place, insert the following:

     SEC.   . STUDY AND REPORT ON PROTECTIONS FOR SENIOR CITIZENS 
                   AND QUALIFIED RETIREMENT PLANS.

       (A) Findings.--The Congress finds that--
       (1) senior citizens and qualified retirement plans are too 
     often the target of securities fraud of the kind evidenced in 
     the Charles Keating, Lincoln Savings & Loan Association, and 
     American Continental Corporation situations;
       (2) this Act, in an effort to curb unfounded lawsuits, 
     changes the standards and procedures for securities fraud 
     actions; and
       (3) the Securities and Exchange Commission has indicated 
     concern with some provisions of this Act.
       (b) In General.--Not later than 180 days after the date of 
     enactment of this Act, the Securities and Exchange Commission 
     shall--
       (1) determine whether investors that are senior citizens or 
     qualifed retirement plans require greater protection against 
     securities fraud than is provided in this Act and the 
     amendments made by this Act, and
       (2) if so, submit to the Congress a report containing 
     recommendations on protections that the Commission determines 
     to be appropriate to thoroughly protect such investors.
       (c) Definitions.--For purposes of this section--
       (1) the term ``qualified retirement plan'' has the same 
     meaning as in section 4974(c) of the Internal Revenue Code of 
     1986; and
       (2) the term ``senior citizen'' means an individual who is 
     62 years of age or older as of the date of the securities 
     transaction at issue.

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