Stock Buyback Reform and Worker Dividend Act of 2019
Latest action · Nov 17, 2020 Committee on Banking, Housing, and Urban Affairs. Hearings held.
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.
- IntroducedJul 31, 2019
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Stock Buyback Reform and Worker Dividend Act of 2019
This bill revises requirements related to stock buybacks (i.e., a company repurchasing shares of common stock). Specifically, issuers of securities must provide an annual dividend to non-executive employees in certain circumstances. The calculation of this dividend is based on (1) the amount the issuer spends on stock buybacks, (2) increases in dividends, and (3) any special dividends.
Additionally, an issuer is prohibited from repurchasing shares unless details of the buyback are disclosed to the Securities and Exchange Commission (SEC), including the rationale for the repurchase. The buyback must also comply with certain purchasing requirements. The bill lowers the allowed daily amount of repurchased shares. Executive officers may not sell shares for seven days beginning on the date of an announced buyback, subject to certain exceptions.
The SEC may enforce these provisions. Employees are afforded a private right of action against an issuer regarding required employee dividends.
Cosponsors
Members who signed on, in the order they did.
Actions 4
Everything that happened, newest first.
- Nov 17, 2020Committee on Banking, Housing, and Urban Affairs. Hearings held.
- Nov 17, 2020Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 116-456.
- Jul 31, 2019Introduced in Senate
- Jul 31, 2019Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Jul 31, 2019Introduced in Senate
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.