Business, Investors', and Employees' Bill of Rights Act of 2002

Summary

Business, Investors', and Employees' Bill of Rights Act of 2002 - Amends the Federal criminal code, the judicial code, the bankruptcy code, the Securities Exchange Act of 1934, and other related Federal law to: (1) establish criminal penalties for securities fraud and designated corporate practices; and (2) declare that debts incurred in violation of securities fraud laws are nondischargeable in bankruptcy. Establishes the Retirement Security Fraud Bureau in the Department of Justice. Amends the Internal Revenue Code to: (1) treat the acquiring corporation in a corporate expatriation transaction as a domestic corporation; and (2) treat as ordinary income the unrealized built-in gain on options to acquire stock by a corporate insider of an expatriate corporation. Provides for executive accountability, including application of the "golden parachute" excise tax to deferred compensation paid by a corporation following a major decline in its stock value, or if it declares bankruptcy. Mandates that: (1) national securities exchanges and associations prohibit insider loans; and (2) the Securities and Exchange Commission require disgorgement of proceeds resulting from misconduct by an issuer of securities or its executive staff, and executive officer accountability. Sets forth provisions concerning: (1) corporate governance and accuracy of investor information; (2) auditor independence; (3) industry oversight; and (4) model rules for attorneys of issuers. Exempts registered investment companies from requirements and prohibitions of this Act regarding: (1) real-time disclosure of financial information; (2) transparency of corporate disclosures; (3) reporting on insider transactions and relationships; (4) independent directors and other corporate governance requirements; and (5) auditor oversight. Amends the Employee Retirement Income Security Act of 1974 to establish the Office of Pension Participant Advocacy, and to prescribe procedural guidelines for: (1) pension benefits disclosures; (2) diversification requirements; (3) employee representation; (4) executive parity; (5) insurance to protect pension participants and beneficiaries; and (6) independent investment advice for participants.

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Timeline

1. 18 July 2002

   Introduced

   Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, the Judiciary, and Education and the Workforce, 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.

   Source: IntroReferral

2. 18 July 2002

   Introduced

   Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, the Judiciary, and Education and the Workforce, 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.

   Source: IntroReferral

3. 18 July 2002

   Introduced

   Introduced in House

   Source: IntroReferral

4. 18 July 2002

   Introduced

   Introduced in House

   Source: IntroReferral

5. 19 August 2002

   Referred

   Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.

   Source: Committee

6. 20 August 2002

   Referred

   Referred to the Subcommittee on Crime, Terrorism, and Homeland Security.

   Source: Committee

7. 21 August 2002

   Committee

   For Further Action See H.R. 3763.

   Source: Committee

8. 18 October 2002

   Referred

   Referred to the Subcommittee on Employer-Employee Relations.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 18 July 2002 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 18 July 2002

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 18 July 2002

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 18 July 2002

  Open at official source

Sponsors

• Rep. Gephardt, Richard A. [D-MO-3] · D · Sponsor
• Rep. Shows, Ronnie [D-MS-4] · D · Sponsor
• Rep. Holden, Tim [D-PA-17] · D · Sponsor
• Rep. Phelps, David D. [D-IL-19] · D · Sponsor
• Rep. Carson, Julia [D-IN-7] · D · Sponsor
• Rep. Rangel, Charles B. [D-NY-19] · D · Sponsor
• Rep. LaFalce, John J. [D-NY-36] · D · Sponsor
• JOHN CONYERS · D · Sponsor
• Rep. Miller, George [D-CA-7] · D · Sponsor
• Rep. Matsui, Robert T. [D-CA-3] · D · Sponsor
• Barbara Lee · D · Sponsor
• Rep. Dicks, Norman D. [D-WA-6] · D · Sponsor
• Rep. Waxman, Henry A. [D-CA-24] · D · Sponsor
• LOUISE SLAUGHTER · D · Sponsor
• Rep. Cardin, Benjamin L. [D-MD-3] · D · Sponsor
• Rep. Tierney, John F. [D-MA-6] · D · Sponsor
• Rep. Lynch, Stephen F. [D-MA-8] · D · Sponsor
• Rep. Bonior, David E. [D-MI-12] · D · Sponsor
• Rep. Barrett, Thomas M. [D-WI-5] · D · Sponsor
• Rep. Frank, Barney [D-MA-4] · D · Sponsor
• · hsed00 · Standing
• · hsju00 · Standing
• · hsba00 · Standing
• · hswm00 · Standing

Related records

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