S 3540 116th Congress Senate Finance and Financial Sector Administrative law and regulatory procedures Cardiovascular and respiratory health Corporate finance and management Emergency medical services and trauma care Infectious and parasitic diseases Labor-management relations Licensing and registrations Securities Securities and Exchange Commission (SEC)

Reward Work Act

Introduced: March 19, 2020 Introduced by: Baldwin, Tammy Democratic · Wisconsin See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Mar 19, 2020

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Mar 19, 2020

Introduced in Senate

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Plain-English summary Congressional Research Service

Reward Work Act

This bill revises provisions related to stock buybacks.

An issuer of securities may not purchase its own securities on a national exchange if the issuer has (1) received specified financial assistance related to the COVID-19 (i.e., coronavirus disease 2019) pandemic, and (2) repurchased more than $1 billion worth of its own securities in the last five years. Additionally, one-third of such issuer's board of directors must be elected by employees for the issuer to be allowed to register securities.

The bill also repeals the Securities and Exchange Commission regulation (Rule 10b-18) that generally provides a safe harbor from market manipulation liability for an issuer engaging in a stock buyback.

What's happening now March 19, 2020

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

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