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S. 1504 117th Congress Senate

Sponsor Promote and Compensation Act

Official title: A bill to require the Securities and Exchange Commission to issue rules requiring enhanced disclosures for blank check companies during initial public offering… Show full official titleShow less

Official title: A bill to require the Securities and Exchange Commission to issue rules requiring enhanced disclosures for blank check companies during initial public offering and pre-merger stages, and for other purposes.

Introduced: April 29, 2021 Introduced by: John Kennedy Republican · Louisiana See on congress.gov
Finance and Financial Sector Administrative law and regulatory proceduresCorporate finance and managementFinancial services and investmentsSecuritiesSecurities and Exchange Commission (SEC)
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This bill died when the 117th Congress ended
It never became law before the 117th Congress (2021–2022) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 29, 2021
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Apr 29, 2021
Introduced in Senate
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 Latest action April 29, 2021

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

 Plain-English summary Congressional Research Service

Sponsor Promote and Compensation Act

This bill establishes additional disclosure requirements for a blank check company (e.g., a special purpose acquisition company) during an initial public offering or prior to a merger. A blank check company is a development stage company that issues a penny stock and (1) has no specific business plan or purpose, or (2) has indicated that its business plan is to merge with a company or companies.

Specifically, the bill requires such a company to disclose

  • the amount of cash per share expected to be held by the blank check company immediately prior to the merger under various redemption scenarios;
  • side payments or agreements to pay sponsors, blank check company investors, or private investors in public equity for their participation in the merger; and
  • fees or other payments to the sponsor, underwriter, and any other party.
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
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APA
U.S. Congress. (2026). S. 1504: Sponsor Promote and Compensation Act. 117th Congress. Open America. https://openamerica.io/bill/117-S-1504/
MLA
"S. 1504: Sponsor Promote and Compensation Act." 117th Congress, 2026, Open America, https://openamerica.io/bill/117-S-1504/.
Bluebook (legal)
S. 1504, 117th Cong. (2026), https://openamerica.io/bill/117-S-1504/.
Markdown link
[S. 1504: Sponsor Promote and Compensation Act](https://openamerica.io/bill/117-S-1504/)
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