HR 1372 · 108th Congress 2003–2005, ended

Broad-Based Stock Option Plan Transparency Act of 2003

Introduced Mar 20, 2003 Originated House Sponsor David Dreier R-CA

Fact sheet Spreadsheet

Latest action · Mar 31, 2003 Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.

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.

  1. IntroducedMar 20, 2003
  2. Passed HouseNot reached
  3. Passed SenateNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

Broad-Based Stock Option Plan Transparency Act of 2003 - Directs the Securities and Exchange Commission (SEC) to require companies to include within certain mandatory reports details regarding stock option plans, stock purchase plans, and other arrangements involving employee acquisition of an equity interest in the company, including: (1) a discussion of the dilutive effect of stock option plans (written in accordance with the Plain English Handbook published by the Office of Investor Education and Assistance of the Commission); (2) expanded disclosure of the dilutive effect of employee stock options on the company's earnings per share number; (3) prominent placement and increased comparability of all stock option related information; and (4) a summary of stock options granted to the five most highly compensated executive officers, including outstanding stock options of those officers.

Directs the SEC to examine and report to specified congressional committees on the effectiveness of the enhanced disclosures required by this Act in increasing transparency to current and potential investors.

Prohibits the Commission, between enactment of this Act and submission of such report, from recognizing as generally accepted accounting principles any new accounting standards regarding the treatment of stock options.

Directs the Secretary of Commerce to analyze and report to specified congressional committees on broad-based employee stock option plans, particularly in the high technology and any other high growth industries.

Cosponsors 111

Members who signed on, in the order they did. Signatures ran from Mar 20, 2003 to Mar 3, 2004; 17 are original cosponsors, there from the day it was introduced.

SeatCosponsorSigned on
D-WAAdam SmithOriginalMar 20, 2003
R-NYAmo HoughtonOriginalMar 20, 2003
D-CAAnna G. EshooOriginalMar 20, 2003
R-VABob GoodlatteOriginalMar 20, 2003
R-IDC. L. (Butch) OtterOriginalMar 20, 2003
D-CACalvin M. DooleyOriginalMar 20, 2003
R-CAChristopher CoxOriginalMar 20, 2003
R-CADoug OseOriginalMar 20, 2003
R-MIFred UptonOriginalMar 20, 2003
D-CAJane HarmanOriginalMar 20, 2003
R-TXLamar SmithOriginalMar 20, 2003
D-CAMichael M. HondaOriginalMar 20, 2003
D-NCMike McIntyreOriginalMar 20, 2003
D-CAMike ThompsonOriginalMar 20, 2003
R-TXPete SessionsOriginalMar 20, 2003
R-VATom DavisOriginalMar 20, 2003
D-CAZoe LofgrenOriginalMar 20, 2003
R-CAGary G. MillerMar 25, 2003
R-ILJerry WellerMar 25, 2003
D-TNLincoln DavisMar 25, 2003
R-CARichard W. PomboMar 25, 2003
D-KSDennis MooreApr 8, 2003
R-IDMichael K. SimpsonApr 8, 2003
D-WIRon KindApr 8, 2003
R-CAWally HergerApr 8, 2003
D-NYGregory W. MeeksApr 11, 2003
R-INMark E. SouderApr 11, 2003
R-CAEdward R. RoyceApr 30, 2003
R-ORGreg WaldenApr 30, 2003
D-WAJay InsleeApr 30, 2003
R-AZJeff FlakeApr 30, 2003
R-CAJohn T. DoolittleApr 30, 2003
R-UTRob BishopApr 30, 2003
D-ALArtur DavisMay 1, 2003
D-OREarl BlumenauerMay 1, 2003
R-COBob BeauprezJun 2, 2003
D-ORDarlene HooleyJun 2, 2003
R-NMHeather WilsonJun 2, 2003
R-AZJ. D. HayworthJun 2, 2003
D-UTJim MathesonJun 2, 2003
D-NYJoseph CrowleyJun 3, 2003
R-SCJoe WilsonJun 5, 2003
D-TXMax SandlinJun 5, 2003
R-IATom LathamJun 5, 2003
D-CALoretta SanchezJun 16, 2003
D-MORichard A. GephardtJun 16, 2003
R-CADarrell IssaJun 19, 2003
R-TXJohn R. CarterJun 19, 2003
D-TXChris BellJun 26, 2003
R-CADana RohrabacherJun 26, 2003
R-TXJeb HensarlingJun 26, 2003
D-MAMartin T. MeehanJun 26, 2003
R-TXSam JohnsonJun 26, 2003
R-UTChris CannonJul 10, 2003
D-LAChristopher JohnJul 10, 2003
R-WIF. James Sensenbrenner, Jr.Jul 10, 2003
R-AZJohn B. ShadeggJul 10, 2003
R-TNZach WampJul 10, 2003
R-WAGeorge R. Nethercutt Jr.Jul 17, 2003
R-GAJohn LinderJul 17, 2003
R-GAJohnny IsaksonJul 17, 2003
D-CATom LantosJul 17, 2003
R-FLAdam H. PutnamJul 24, 2003
D-NCBrad MillerJul 24, 2003
D-ALRobert E. (Bud) Cramer Jr.Jul 24, 2003
R-NYThomas M. ReynoldsJul 24, 2003
D-TXCharles A. GonzalezJul 25, 2003
R-TXMichael C. BurgessJul 25, 2003
R-LAJim McCrerySep 3, 2003
R-FLKatherine HarrisSep 3, 2003
R-TXRalph M. HallSep 3, 2003
R-TXHenry BonillaSep 5, 2003
R-CAKen CalvertSep 5, 2003
R-PAPhil EnglishSep 5, 2003
R-NYSherwood BoehlertSep 5, 2003
R-COThomas G. TancredoSep 10, 2003
D-NMTom UdallSep 10, 2003
D-NCDavid E. PriceSep 23, 2003
D-WABrian BairdSep 25, 2003
R-COMarilyn N. MusgraveSep 25, 2003
D-WANorman D. DicksSep 25, 2003
R-NMStevan PearceSep 25, 2003
D-MAJames P. McGovernOct 7, 2003
D-TXJim TurnerOct 7, 2003
D-CADennis A. CardozaOct 15, 2003
D-ORDavid WuOct 17, 2003
D-INJulia CarsonOct 30, 2003
D-VARick BoucherOct 30, 2003
R-MSRoger F. WickerOct 30, 2003
R-WADoc HastingsNov 6, 2003
R-VAJo Ann DavisNov 6, 2003
R-MORoy BluntNov 6, 2003
D-MAMichael E. CapuanoNov 7, 2003
R-OKTom ColeNov 7, 2003
D-CAEllen O. TauscherNov 17, 2003
R-VAEric CantorNov 17, 2003
D-WARick LarsenNov 17, 2003
R-OHDeborah PryceNov 18, 2003
R-CARandy (Duke) CunninghamNov 18, 2003
R-LADavid VitterNov 19, 2003
R-CADevin NunesNov 19, 2003
R-COJoel HefleyNov 19, 2003
R-TNMarsha BlackburnNov 21, 2003
R-ILPhilip M. CraneNov 21, 2003
R-TXRandy NeugebauerNov 21, 2003
R-COScott McInnisNov 25, 2003
R-FLLincoln Diaz-BalartDec 8, 2003
R-MIMike RogersJan 28, 2004
D-NJRobert E. AndrewsJan 28, 2004
R-FLTom FeeneyJan 28, 2004
R-ALSpencer BachusMar 3, 2004

Committees 1

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

ChamberCommitteeWhat it did
HouseFinancial Services Committee
Referred Mar 20, 2003
Capital Markets Subcommittee
Referred Mar 31, 2003

Actions 3

Everything that happened, newest first.

  1. Mar 31, 2003Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
  2. Mar 20, 2003Introduced in House
  3. Mar 20, 2003Referred to the House Committee on Financial Services.

Research

What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.

Printed hearings 3

Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.

NumberHearingCommitteeHeld
Serial No. 108-69H.R. 3574--THE STOCK OPTION ACCOUNTING REFORM ACT130 pagesFinancial Services CommitteeMar 3, 2004
S. Hrg. 108-862THE FINANCIAL ACCOUNTING STANDARDS BOARD AND SMALL BUSINESS GROWTH100 pagesBanking, Housing, and Urban Affairs CommitteeNov 12, 2003
Serial No. 108-32THE ACCOUNTING TREATMENT OF EMPLOYEE STOCK OPTIONS210 pagesFinancial Services CommitteeJun 3, 2003

Titles 2

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

Official Title as Introduced
To direct the Securities and Exchange Commission to require enhanced disclosures of employee stock options, and to require a study on the economic impact of broad-based employee stock option plans, and for other purposes.
Short Titles as Introduced
Broad-Based Stock Option Plan Transparency Act of 2003

Subjects

Assigned by the Library of Congress. Policy area: Finance and Financial Sector.

Text 1

Each version as it was printed, newest first.

  1. Mar 20, 2003Introduced in House

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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.