[Congressional Record Volume 144, Number 60 (Wednesday, May 13, 1998)]
[Senate]
[Pages S4835-S4836]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                          AMENDMENTS SUBMITTED

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        THE SECURITIES LITIGATION UNIFORM STANDARDS ACT OF 1998

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                      FEINGOLD AMENDMENT NO. 2394

  Mr. FEINGOLD proposed an amendment to the bill (S. 1260) to amend the 
Securities Act of 1933 and the Securities Exchange Act of 1934 to limit 
the conduct of securities class actions under State law, and for other 
purposes; as follows:

       At the appropriate place, add the following:

     SEC. ____. CIVIL RIGHTS PROCEDURES PROTECTIONS.

       (a) Short Title.--This section may be cited as the ``Civil 
     Rights Procedures Protection Act of 1998''.
       (b) Amendment to Title VII of the Civil Rights Act of 
     1964.--Title VII of the Civil Rights Act of 1964 (42 U.S.C. 
     2000e et seq.) is amended by adding at the end the following 
     new section:

     ``SEC. 719. EXCLUSIVITY OF POWERS AND PROCEDURES.

       ``Notwithstanding any Federal law (other than a Federal law 
     that expressly refers to this title) that would otherwise 
     modify any of the powers and procedures expressly applicable 
     to a right or claim arising under this title, such powers and 
     procedures shall be the exclusive powers and procedures 
     applicable to such right or such claim unless after such 
     right or such claim arises the claimant voluntarily enters 
     into an agreement to enforce such right or resolve such claim 
     through arbitration or another procedure.''.
       (c) Amendment to the Age Discrimination in Employment Act 
     of 1967.--The Age Discrimination in Employment Act of 1967 
     (29 U.S.C. 621 et seq.) is amended--
       (1) by redesignating sections 16 and 17 as sections 17 and 
     18, respectively; and
       (2) by inserting after section 15 the following new section 
     16:

     ``SEC. 16. EXCLUSIVITY OF POWERS AND PROCEDURES.

       ``Notwithstanding any Federal law (other than a Federal law 
     that expressly refers to this Act) that would otherwise 
     modify any of the powers and procedures expressly applicable 
     to a right or claim arising under this Act, such powers and 
     procedures shall be the exclusive powers and procedures 
     applicable to such right or such claim unless after such 
     right or such claim arises the claimant voluntarily enters 
     into an agreement to enforce such right or resolve such claim 
     through arbitration or another procedure.''.
       (d) Amendment to the Rehabilitation Act of 1973.--Section 
     505 of the Rehabilitation Act of 1973 (29 U.S.C. 795) is 
     amended by adding at the end the following new subsection:
       ``(c) Notwithstanding any Federal law (other than a Federal 
     law that expressly refers to this title) that would otherwise 
     modify any of the powers and procedures expressly applicable 
     to a right or claim arising under section 501, such powers 
     and procedures shall be the exclusive powers and procedures 
     applicable to such right or such claim unless after such 
     right or such claim arises the claimant voluntarily enters 
     into an agreement to enforce such right or resolve such claim 
     through arbitration or another procedure.''.
       (e) Amendment to the Americans With Disabilities Act of 
     1990.--Section 107 of the Americans with Disabilities Act of 
     1990 (42 U.S.C. 12117) is amended by adding at the end the 
     following new subsection:
       ``(c) Notwithstanding any Federal law (other than a Federal 
     law that expressly refers to this Act) that would otherwise 
     modify any of the powers and procedures expressly applicable 
     to a right or claim based on a violation described in 
     subsection (a), such powers and procedures shall be the 
     exclusive powers and procedures applicable to such right or 
     such claim unless after such right or such claim arises the 
     claimant voluntarily enters into an agreement to enforce such 
     right or resolve such claim through arbitration or another 
     procedure.''.
       (f) Amendment to Section 1977 of the Revised Statutes.--
     Section 1977 of the Revised Statutes (42 U.S.C. 1981) is 
     amended by adding at the end the following new subsection:
       ``(d) Notwithstanding any Federal law (other than a Federal 
     law that expressly refers to this section) that would 
     otherwise modify any of the powers and procedures expressly 
     applicable to a right or claim concerning making and 
     enforcing a contract of employment under this section, such 
     powers

[[Page S4836]]

     and procedures shall be the exclusive powers and procedures 
     applicable to such right or such claim unless after such 
     right or such claim arises the claimant voluntarily enters 
     into an agreement to enforce such right or resolve such claim 
     through arbitration or another procedure.''.
       (g) Amendment to the Equal Pay Requirement Under the Fair 
     Labor Standards Act of 1938.--Section 6(d) of the Fair Labor 
     Standards Act of 1938 (29 U.S.C. 206(d)) is amended by adding 
     at the end the following new paragraph:
       ``(5) Notwithstanding any Federal law (other than a Federal 
     law that expressly refers to this Act) that would otherwise 
     modify any of the powers and procedures expressly applicable 
     to a right or claim arising under this subsection, such 
     powers and procedures shall be the exclusive powers and 
     procedures applicable to such right or such claim unless 
     after such right or such claim arises the claimant 
     voluntarily enters into an agreement to enforce such right or 
     resolve such claim through arbitration or another 
     procedure.''.
       (h) Amendment to the Family and Medical Leave Act of 
     1993.--Title IV of the Family and Medical Leave Act of 1993 
     (29 U.S.C. 2601 et seq.) is amended--
       (1) by redesignating section 405 as section 406; and
       (2) by inserting after section 404 the following new 
     section:

     ``SEC. 405. EXCLUSIVITY OF REMEDIES.

       ``Notwithstanding any Federal law (other than a Federal law 
     that expressly refers to this Act) that would modify any of 
     the powers and procedures expressly applicable to a right or 
     claim arising under this Act or under an amendment made by 
     this Act, such powers and procedures shall be the exclusive 
     powers and procedures applicable to such right or such claim 
     unless after such right or such claim arises the claimant 
     voluntarily enters into an agreement to enforce such right or 
     resolve such claim through arbitration or another 
     procedure.''.
       (i) Amendment to Title 9, United States Code.--Section 14 
     of title 9, United States Code, is amended--
       (1) by inserting ``(a)'' before ``This''; and
       (2) by adding at the end the following new subsection:
       ``(b) This chapter shall not apply with respect to a claim 
     of unlawful discrimination in employment if such claim arises 
     from discrimination based on race, color, religion, sex, 
     national origin, age, or disability.''.
       (j) Application of Amendments.--The amendments made by this 
     section shall apply with respect to claims arising on and 
     after the date of enactment of this Act.
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  Mr. SARBANES (for himself, Mr. Bryan, and Mr. Johnson) proposed two 
          amendments to the bill, S. 1260, supra; as follows:

                           Amendment No. 2395

       On page 9, between lines 9 and 10, insert the following:
       ``(d) Applicability of State Statute of Limitations.--
     Notwithstanding subsection (b), an action that is removed to 
     Federal court under subsection (c) shall be subject to the 
     State statute of limitations that would have applied in the 
     action but for such removal.
       On page 9, line 10, strike ``(d)'' and insert ``(e)''.
       On page 10, line 12, strike ``(e)'' and insert ``(f)''.
       On page 10, line 17, strike ``(f)'' and insert ``(g)''.
       On page 14, between lines 10 and 11, insert the following:
       ``(3) Applicability of state statute of limitations.--
     Notwithstanding paragraph (1), an action that is removed to 
     Federal court under paragraph (2) shall be subject to the 
     State statute of limitations that would have applied in the 
     action but for such removal.
       On page 14, line 11, strike ``(3)'' and insert ``(4)''.
       On page 15, line 15, strike ``(4)'' and insert ``(5)''.
       On page 15, line 20, strike ``(5)'' and insert ``(6)''.
                                  ____


                           Amendment No. 2396

       On page 10, strike line 24 and all that follows through 
     page 12, line 11 and insert the following:
       ``(2) Class action.--
       ``(A) In general.--The term `class action' means any single 
     lawsuit (other than a derivative action brought by 1 or more 
     shareholders on behalf of a corporation) in which--
       ``(i) 1 or more named parties seek to recover damages on a 
     representative basis on behalf of themselves and other 
     unnamed parties similarly situated; and
       ``(ii) questions of law or fact common to those persons or 
     members of the prospective class predominate over any 
     questions affecting only individual persons or members.
       On page 16, strike line 3 and all that follows through page 
     17, line 13 and insert the following:
       ``(B) Class action.--
       ``(i) In general.--The term `class action' means any single 
     lawsuit (other than a derivative action brought by 1 or more 
     shareholders on behalf of a corporation) in which--

       ``(I) 1 or more named parties seek to recover damages on a 
     representative basis on behalf of themselves and other 
     unnamed parties similarly situated; and
       ``(II) questions of law or fact common to those persons or 
     members of the prospective class predominate over any 
     questions affecting only individual persons or members.

       On page 17, line 14, strike ``(C)'' and insert ``(ii)'' and 
     move the margin 2 ems to the right.
       On page 17, line 21, strike ``(D)'' and insert ``(C)''.
                                 ______
                                 

                SARBANES (AND OTHERS) AMENDMENT NO. 2397

  Mr. SARBANES (for himself, Mr. Bryan, Mr. Johnson, and Mr. Biden) 
proposed an amendment to the bill, S. 1260, supra; as follows:

       On page 10, between lines 16 and 17, insert the following:
       ``(f) State Actions.--
       ``(1) In general.--Notwithstanding any other provision of 
     this section, nothing in this section may be construed to 
     preclude a State or political subdivision thereof or a State 
     pension plan from bringing an action involving a covered 
     security on its own behalf, or as a member of a class 
     comprised solely of other States, political subdivisions, or 
     State pension plans similarly situated.
       ``(2) State pension plan defined.--For purposes of this 
     paragraph, the term `State pension plan' means a pension plan 
     established and maintained for its employees by the 
     government of the State or political subdivision thereof, or 
     by any agency or instrumentality thereof.
       On page 10, line 17, strike ``(f)'' and insert ``(g)''.
       On page 15, between lines 19 and 20, insert the following:
       ``(5) State actions.--
       ``(A) In general.--Notwithstanding any other provision of 
     this subsection, nothing in this subsection may be construed 
     to preclude a State or political subdivision thereof or a 
     State pension plan from bringing an action involving a 
     covered security on its own behalf, or as a member of a class 
     comprised solely of other States, political subdivisions, or 
     State pension plans similarly situated.
       ``(B) State pension plan defined.--For purposes of this 
     paragraph, the term `State pension plan' means a pension plan 
     established and maintained for its employees by the 
     government of a State or political subdivision thereof, or by 
     any agency or instrumentality thereof.
       On page 15, line 20, strike ``(5)'' and insert ``(6)''.
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                        BIDEN AMENDMENT NO. 2398

  Mr. BIDEN proposed an amendment to the bill, S. 1260, supra; as 
follows:

       At the appropriate place, insert the following new section:

     SEC. ____. FRAUD AS PREDICATE OFFENSE.

       Section 1964(c) of title 18, United States Code, is amended 
     by striking ``, except'' and all that follows through 
     ``final''.

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