S 3143 · 107th Congress 2001–2003, ended

Consumer and Shareholder Protection Association Act of 2002

Introduced Oct 17, 2002 Originated Senate Sponsor Paul D. Wellstone D-MN

Latest action · Oct 17, 2002 Read twice and referred to the Committee on Commerce, Science, and Transportation.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

IntroducedOct 17, 2002
Passed SenateNot reached
Passed HouseNot reached
To the PresidentNot reached
Became lawNot reached

Summary

Consumer and Shareholder Protection Association Act of 2002 - Authorizes the establishment of the Consumer and Shareholder Protection Association as a private, nonprofit corporation to: (1) educate and advise consumers and shareholders about the actions of certain entities, and how corporate initiatives will affect them; (2) represent and promote the interests of consumers, and negotiate on behalf of consumers and shareholders with such entities; (3) monitor the availability and quality of financial or shareholder services to low- and moderate-income constituencies and the elderly; and (4) develop data to assist shareholders and consumers in making informed decisions in the marketplace. Defines entities subject to this Act as: (1) any company with revenues during its last fiscal year of over $1.2 billion which is required to file periodic reports under the Securities Exchange Act of 1934; and (2) any insured depository institution.

Establishes an interim board of directors representing: (1) consumer groups; (2) institutional shareholder groups; (3) labor unions; (4) civil rights groups; (5) neighborhood groups; (6) elderly groups; and (7) organizations representing low-income persons.

Empowers the Association to: (1) represent the interests of consumers before Federal regulatory agencies, legislative bodies, the courts, and other public forums; (2) sue on behalf of Association members for judicial relief, including damages; and (3) participate in research, surveys, and investigations in consumer matters.

Requires entities subject to this Act to include inserts periodically in mailings and proxy statements sent to shareholders and customers, advising them that the Association is established under Federal law to: (1) inform and represent consumers; (2) work on their behalf to prevent corporate fraud and deceptive business practices; and (3) ensure the protection of retirement funds and investments.

Cosponsors

Members who signed on, in the order they did.

No cosponsors are on file for this measure.

Committees 1

Where it was sent and what each committee and subcommittee did with it, in order.

Chamber	Committee	What it did
Senate	Commerce, Science, and Transportation Committee	Referred Oct 17, 2002

Actions 2

Everything that happened, newest first.

Oct 17, 2002Introduced in Senate
Oct 17, 2002Read twice and referred to the Committee on Commerce, Science, and Transportation.

Titles 2

Every title it has carried, official and short, at each stage.

Official Title as Introduced: A bill to provide for the establishment of the Consumer and Shareholder Protection Association, and for other purposes.
Short Titles as Introduced: Consumer and Shareholder Protection Association Act of 2002

Subjects

Assigned by the Library of Congress. Policy area: Commerce.

Text 1

Each version as it was printed, newest first.

Oct 17, 2002Introduced in Senate

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.