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HR 5118 107th Congress House Crime and Law Enforcement Accounting Accounting and financial statements Administrative procedure Auditing and auditors Bankruptcy Business ethics Chief executive officers Chief financial officers Commerce Compensation for victims of crime Congress Congressional reporting requirements Consent decrees Conspiracy Corporate accountability Corporate collapse Corporate corruption Corporation directors Damages

Corporate Fraud Accountability Act of 2002

Introduced: July 15, 2002 See on congress.gov
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 Everywhere this bill has been 11 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 19, 2002
Read twice and referred to the Committee on the Judiciary.
Jul 17, 2002
Received in the Senate.
Jul 16, 2002
On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 391 - 28 (Roll no. 299). (text: CR H4683-4684)
Jul 16, 2002
Motion to reconsider laid on the table Agreed to without objection.
Jul 16, 2002
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 391 - 28 (Roll no. 299).(text: CR H4683-4684)
Jul 16, 2002
DEBATE - The House proceeded with forty minutes of debate on H.R. 5118.
Jul 16, 2002
Considered under suspension of the rules. (consideration: CR H4683-4694)
Jul 16, 2002
Mr. Sensenbrenner moved to suspend the rules and pass the bill, as amended.
Jul 15, 2002
Referred to the Subcommittee on Crime, Terrorism, and Homeland Security.
Jul 15, 2002
Referred to the Committee on the Judiciary, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Jul 15, 2002
Introduced in House
 Votes taken on this bill 1
DateChamberWhat was voted onResultYes–No
Jul 16, 2002 House · vote #299 On Motion to Suspend the Rules and Pass, as Amended Passed 391–28 See who voted →
 Plain-English summary Congressional Research Service
Corporate Fraud Accountability Act of 2002 - Amends Federal criminal law to establish a monetary penalty and imprisonment for: (1) knowing perpetration of securities fraud; and (2) tampering with a record or otherwise impeding an official proceeding.

Requests the United States Sentencing Commission to: (1) promptly review sentencing guidelines applicable to securities and accounting fraud; and (2) expeditiously consider promulgation of new sentencing guidelines to provide an enhancement for officers of directors of publicly traded corporations who commit fraud and related offenses. Sets a deadline for such guidelines.

Amends Federal bankruptcy law to declare nondischargeable in bankruptcy debts that have been incurred in violation of Federal or State securities fraud laws.

Amends Federal criminal law to require senior corporate officers to certify in writing that financial statements fairly and accurately represent the operations and financial condition of the issuer. Establishes criminal penalties for violations of this requirement.

Subjects to criminal penalties any attempt or conspiracy to commit any offense against the United States.

Amends the Securities Exchange Act of 1934 to: (1) increase criminal penalties for violations; and (2) authorize the Securities and Exchange Commission (SEC) to seek a temporary injunction to freeze extraordinary payments earmarked for designated persons or corporate staff under investigation for possible violations of Federal securities laws.

Amends the Securities Exchange Act of 1934 and the Securities Act of 1933 to authorize the SEC to prohibit violators of certain prohibitions against manipulative or deceptive devices or certain reporting requirements from serving as officers or directors of a publicly traded corporation.

Amends Federal criminal law to establish criminal penalties for intentional retaliation against any person who has provided information to a law enforcement officer regarding the commission of a Federal offense.

What's happening now July 19, 2002

Read twice and referred to the Committee on the Judiciary.

 Committees of jurisdiction 4
 Cosponsors 1
All 1 Republican 1