[Congressional Record Volume 162, Number 91 (Thursday, June 9, 2016)]
[Senate]
[Pages S3768-S3769]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 4659. Mr. FRANKEN submitted an amendment intended to be proposed
by him to the bill S. 2943, to authorize appropriations for fiscal year
2017 for military activities of the Department of Defense, for military
construction, and for defense activities of the Department of Energy,
to prescribe military personnel strengths for such fiscal year, and for
other purposes; which was ordered to lie on the table; as follows:
At the end of subtitle I of title X, add the following:
SEC. __. REPORTING REQUIREMENTS REGARDING OIL WELL AND
PETROCHEMICAL MANUFACTURING PLANT SAFETY.
(a) Reporting Oil and Gas Production Safety Information.--
Each issuer that is required to file reports pursuant to
section 13(a) or 15(d) of the Securities Exchange Act of 1934
(15 U.S.C. 78m, 78o) and that is an operator, or that has a
subsidiary that is an operator, of an oil well or
petrochemical manufacturing plant shall include, in each
periodic report filed with the Securities and Exchange
Commission under the securities laws on or after the date of
enactment of this Act, the following information for the time
period covered by such report:
(1) For each oil well or petrochemical manufacturing plant
of which the issuer or a subsidiary of the issuer is an
operator--
(A) the total number of serious violations of mandatory
health or safety standards at an oil well or petrochemical
manufacturing plant safety, including health hazards under
section 9 of the Occupational Safety and Health Act of 1970;
(B) the total number of citations issued including serious,
willful and repeated violations under section 5 of the
Occupational Safety and Health Act of 1970;
(C) the total dollar value of proposed penalties under the
Occupational Safety and Health Act of 1970; and
(D) the total number of oil well or petrochemical
manufacturing plant related fatalities.
(2) A list of oil wells or petrochemical manufacturing
plants of which the issuer or a subsidiary of the issuer is
an operator, that receive written notice from the
Occupational Safety and Health Administration of willful,
serious and repeated violations of mandatory health or safety
standards at an oil well or petrochemical manufacturing plant
health, including safety hazards under section 9 of the
Occupational Safety and Health Act of 1970.
(3) Any pending legal action before the Occupational Safety
and Health Review Commission involving such oil well or a
petrochemical manufacturing plant.
(b) Reporting Shutdowns and Patterns of Violations.--
Beginning on and after the date of enactment of this Act,
each issuer that is an operator, or that has a subsidiary
that is an operator, of an oil well or petrochemical
manufacturing plant shall file a
[[Page S3769]]
current report with the Securities and Exchange Commission on
Form 8-K (or any successor form) disclosing the following
regarding each oil well or a petrochemical manufacturing
plant of which the issuer or subsidiary is an operator:
(1) The receipt of a citation issued under section 5 of the
Occupational Safety and Health Act of 1970.
(2) The receipt of a citation from the Occupational Safety
and Health Administration that the oil well or petrochemical
manufacturing plant has--
(A) willfully or repeatedly violated mandatory health or
safety standards at an oil well or petrochemical
manufacturing plant health or safety hazards under such Act;
or
(B) the potential to have such a pattern.
(c) Rule of Construction.--Nothing in this section shall be
construed to affect any obligation of a person to make a
disclosure under any other applicable law in effect before,
on, or after the date of enactment of this Act.
(d) Commission Authority.--
(1) Enforcement.--A violation by any person of this
section, or any rule or regulation of the Commission issued
under this section, shall be treated for all purposes in the
same manner as a violation of the Securities Exchange Act of
1934 (15 U.S.C. 78a et seq.) or the rules and regulations
issued thereunder, consistent with the provisions of this
section, and any such person shall be subject to the same
penalties, and to the same extent, as for a violation of such
Act or the rules or regulations issued thereunder.
(2) Rules and regulations.--The Securities and Exchange
Commission is authorized to issue such rules or regulations
as are necessary or appropriate for the protection of
investors and to carry out the purposes of this section.
(e) Definitions.--In this section--
(1) the terms ``issuer'' and ``securities laws'' have the
meaning given the terms in section 3 of the Securities
Exchange Act of 1934 (15 U.S.C. 78c);
(2) the term ``operator of an oil well'' shall refer to the
North American Industry Classification System code 213111;
and
(3) the term ``petrochemical manufacturing plant shall
refer to any entity assigned North American Industry
Classification System code 213112, 324, or 32511.
(f) Effective Date.--This section shall take effect on the
day that is 30 days after the date of enactment of this Act.
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