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HR 3657 101th Congress House Finance and Financial Sector Administrative procedure Brokers Commodity exchanges Congressional reporting requirements Federal advisory bodies Federal preemption Fines (Penalties) Government paperwork Independent regulatory commissions Information disclosure (Securities law) Information services Securities Securities industry Securities regulation Stock exchanges

Market Reform Act of 1990

Introduced: November 14, 1989 Introduced by: Markey, Edward J. Democratic · Massachusetts See on congress.gov
 Everywhere this bill has been 31 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 16, 1990
Became Public Law No: 101-432.
Oct 16, 1990
Signed by President.
Oct 4, 1990
Presented to President.
Oct 3, 1990
Measure Signed in Senate.
Sep 28, 1990
Motion to reconsider laid on the table Agreed to without objection.
Sep 28, 1990
On motion that the House agree to the Senate amendments Agreed to by voice vote.
Sep 28, 1990
Resolving differences -- House actions: On motion that the House agree to the Senate amendments Agreed to by voice vote.
Sep 28, 1990
DEBATE - The House proceeded with forty minutes of debate.
Sep 28, 1990
Mr. Rinaldo demanded a second on the motion to suspend the rules. Without objection a second was ordered.
Sep 28, 1990
Mr. Markey moved that the House suspend the rules and agree to the Senate amendments.
Sep 26, 1990
Message on Senate action sent to the House.
Sep 25, 1990
Passed Senate with an amendment and an amendment to the Title by Voice Vote.
Sep 25, 1990
Passed/agreed to in Senate: Passed Senate with an amendment and an amendment to the Title by Voice Vote.
Sep 25, 1990
Amendment SP 2880 agreed to in Senate by Voice Vote.
Sep 25, 1990
Amendment SP 2880 proposed by Senator Dodd.
Sep 25, 1990
Measure laid before Senate by unanimous consent.
Jun 12, 1990
Received in the Senate. Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 604.
Jun 5, 1990
Motion to reconsider laid on the table Agreed to without objection.
Jun 5, 1990
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
Jun 5, 1990
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
Jun 5, 1990
DEBATE - The House proceeded with forty minutes of debate.
Jun 5, 1990
On ordering a second Agreed to without objection.
Jun 5, 1990
Considered under suspension of the rules.
Jun 5, 1990
Mr. Rinaldo demanded a second on the motion to suspend the rules.
Jun 5, 1990
Mr. Markey moved to suspend the rules and pass the bill, as amended.
Jun 5, 1990
Placed on the Union Calendar, Calendar No. 321.
Jun 5, 1990
Reported (Amended) by the Committee on Energy and Commerce. H. Rept. 101-524.
Mar 13, 1990
Committee Consideration and Mark-up Session Held.
Mar 13, 1990
Ordered to be Reported Without Recommendation (Amended).
Nov 14, 1989
Referred to the House Committee on Energy and Commerce.
Nov 14, 1989
Introduced in House
 Plain-English summary Congressional Research Service

Market Reform Act of 1990 - Amends the Securities Exchange Act of 1934, with respect to Securities and Exchange Commission (SEC) authority to temporarily suspend all securities trading, to render a suspension order ineffective unless the SEC notifies the President of its decision and it is advised that the President does not disapprove of such decision. Authorizes the SEC by order to take whatever actions it deems necessary in an emergency situation to: (1) maintain or restore fair and orderly security markets (other than markets in exempted securities); or (2) ensure prompt and accurate clearance and settlement of transactions in any securities (other than exempted securities). Limits to ten business days any such action. Authorizes the President to override such SEC actions.

Establishes reporting and disclosure requirements for: (1) large securities traders; (2) registered brokers and dealers (with respect to large securities transactions); and (3) certain registered municipal securities dealers. Authorizes the SEC to require additional reports concerning the financial and securities activities of a dealer's corporate business associates if it has reasonable concerns about the dealer's financial condition. Prescribes notification procedures. Deems copies of certain reports filed by the associated person with a Federal banking agency to meet such recordkeeping requirements. Permits the SEC to require supplemental information about potential risks from brokers, dealers, or municipal securities dealers.

Sets forth confidentiality guidelines for information obtained by the SEC from a Federal banking regulatory agency.

Directs the SEC to notify the appropriate banking agency of its concerns regarding the significant operational or financial risks to an associated person resulting from the activities of a securities broker or dealer subject to the jurisdiction of such banking agency. Prescribes guidelines under which the SEC may exempt persons from the reporting requirements.

Directs the SEC to facilitate the establishment of: (1) a national system for clearance and settlement of securities transactions; and (2) coordinated facilities for clearance and settlement of transactions in securities, options and contracts. Authorizes the SEC to adopt rules concerning securities transfers and pledges if it finds such rules appropriate for the public interest.

Authorizes the States to enact preempting legislation with respect to SEC rules for the transfer and clearance of securities.

Directs the SEC to establish an Advisory Committee to report on areas selected by it.

Authorizes the SEC to prohibit or constrain abusive or manipulative trading practices reasonably certain to result in volatility levels which adversely affect the stability of securities markets.

Sets forth the SEC's enforcement powers.

Directs the SEC, in adopting market volatility rules, to minimize their impact on the market's normal operations and on a natural person's freedom to buy or sell any equity security.

Amends the Federal Deposit Insurance Act to require any appropriate Federal banking agency to notify the SEC of any concerns about the financial or operational risks of any registered broker or dealer resulting from activities of any insured depository institution, holding company, or affiliate if the broker or dealer is an affiliate of that institution.

Requires specified market regulatory agencies to report annually to the Congress regarding: (1) their efforts to coordinate their regulatory activities of the financial markets; (2) their efforts to coordinate marketplace mechanisms to protect the payments and market systems during market emergencies; and (3) their views regarding the adequacy of margin levels and the use of leverage by market participants.

Requires the SEC to report to the Congress a detailed evaluation of the progress made towards establishing linked or coordinated facilities for clearance and settlement of specified market transactions.

What's happening now October 16, 1990

Became Public Law No: 101-432.

 Committees of jurisdiction 1