S. 790 118th Congress Senate

ALIGN Act

Official title: A bill to align executive compensation with sustainable value creation, and for other purposes.

Introduced: March 14, 2023 Introduced by: Mark R. Warner Democratic · Virginia See on congress.gov

Finance and Financial Sector

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Mar 14, 2023

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

Mar 14, 2023

Introduced in Senate

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Latest action March 14, 2023

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

Plain-English summary Congressional Research Service

Advancing Long-term Incentives for Governance Now Act or the ALIGN Act

This bill establishes requirements for share repurchase authorizations (i.e., stock buybacks) and stock-based compensation.

Specifically, issuers of securities are required to disclose a stock buyback within one business day of the authorization by the board of directors.

Further, executive officers of an issuer are prohibited from selling, transferring, or divesting from a security that is part of that officer's compensation within (1) one year of a buyback, or (2) three years of being granted such a security. The bill establishes exceptions to this prohibition, including by allowing transfers occurring in connection with a change of control of the company or pursuant to a will.

Bill text 1 version