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HR 6851 116th Congress House Commerce Cardiovascular and respiratory health Corporate finance and management Emergency medical services and trauma care Employee benefits and pensions Government lending and loan guarantees Infectious and parasitic diseases Securities Wages and earnings

To require major corporations receiving Federal aid related to COVID-19 to make annual payments of equity to employees of the corporation while such aid is outstanding, and for other purposes.

Introduced: May 13, 2020 Introduced by: Ocasio-Cortez, Alexandria Democratic · New York See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 13, 2020
Referred to the House Committee on Financial Services.
May 13, 2020
Introduced in House
 Plain-English summary Congressional Research Service

This bill requires a major corporation that receives federal aid related to COVID-19 (i.e., coronavirus disease 2019) to make an annual grant of equity to its employees until all such federal aid is repaid.

A major corporation is a corporation that, among other things, has its securities traded on a national securities exchange, has to register its securities with the Securities and Exchange Commission, and has an aggregate market value of $75 million.

The number of shares of stock such a corporation must grant to its employees shall be determined according to a specified formula. Such grant (1) shall be a grant of whole shares of stock; (2) may not be conditioned on the purchase of company stock or any employee performance evaluations; and (3) shall be equal, in terms of voting and dividend rights, to the class of securities otherwise issued by the corporation that carries the highest such rights.

What's happening now May 13, 2020

Referred to the House Committee on Financial Services.

 Committees of jurisdiction 1