[Congressional Record (Bound Edition), Volume 163 (2017), Part 10]
[Senate]
[Pages 13681-13682]
[From the U.S. Government Publishing Office, www.gpo.gov]




                   ENCOURAGING EMPLOYEE OWNERSHIP ACT

  Mr. McCONNELL. Mr. President, I ask unanimous consent that the Senate 
proceed to the immediate consideration of Calendar No. 15, S. 488.
  The PRESIDING OFFICER. The clerk will report the bill by title.
  The senior assistant legislative clerk read as follows:

       A bill (S. 488) to increase the threshold for disclosures 
     required by the Securities and Exchange Commission relating 
     to compensatory benefit plans, and for other purposes.

  There being no objection, the Senate proceeded to consider the bill.
  Mr. McCONNELL. Mr. President, I ask unanimous consent that the bill 
be considered read a third time and passed and the motion to reconsider 
be considered made and laid upon the table.
  The PRESIDING OFFICER. Without objection, it is so ordered.

[[Page 13682]]

  The bill (S. 488) was ordered to be engrossed for a third reading, 
was read the third time, and passed, as follows:

                                 S. 488

       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 ``Encouraging Employee 
     Ownership Act''.

     SEC. 2. INCREASED THRESHOLD FOR DISCLOSURES RELATING TO 
                   COMPENSATORY BENEFIT PLANS.

       Not later than 60 days after the date of the enactment of 
     this Act, the Securities and Exchange Commission shall revise 
     section 230.701(e) of title 17, Code of Federal Regulations, 
     so as to increase from $5,000,000 to $10,000,000 the 
     aggregate sales price or amount of securities sold during any 
     consecutive 12-month period in excess of which the issuer is 
     required under such section to deliver an additional 
     disclosure to investors. The Commission shall index for 
     inflation such aggregate sales price or amount every 5 years 
     to reflect the change in the Consumer Price Index for All 
     Urban Consumers published by the Bureau of Labor Statistics, 
     rounding to the nearest $1,000,000.

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