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United States · Bill · S

S. 2391 (116th)

Stock Buyback Reform and Worker Dividend Act of 2019

openUnited States· United States Congress· EN

Introduced

31 July 2019

Last action

17 November 2020 · Committee

Status

Committee on Banking, Housing, and Urban Affairs. Hearings held.

Sponsors

Sen. Brown, Sherrod [D-OH]

Subjects

Discovery layer

Source updated

2 April 2025

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Summary

Stock Buyback Reform and Worker Dividend Act of 2019 This bill revises requirements related to stock buybacks (i.e., a company repurchasing shares of common stock). Specifically, issuers of securities must provide an annual dividend to non-executive employees in certain circumstances. The calculation of this dividend is based on (1) the amount the issuer spends on stock buybacks, (2) increases in dividends, and (3) any special dividends. Additionally, an issuer is prohibited from repurchasing shares unless details of the buyback are disclosed to the Securities and Exchange Commission (SEC), including the rationale for the repurchase. The buyback must also comply with certain purchasing requirements. The bill lowers the allowed daily amount of repurchased shares. Executive officers may not sell shares for seven days beginning on the date of an announced buyback, subject to certain exceptions. The SEC may enforce these provisions. Employees are afforded a private right of action against an issuer regarding required employee dividends.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 31 July 2019

    Introduced

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

    Source: IntroReferral

  2. 31 July 2019

    Introduced

    Introduced in Senate

    Source: IntroReferral

  3. 17 November 2020

    Committee

    Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 116-456.

    Source: Committee

Votes

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Versions

Documents

3 official files

Introduced in Senate (text)

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  • Introduced in Senate (text)

    Introduced in Senate · EN · 31 July 2019

    ViewDownloadOpen at official source

  • Introduced in Senate (PDF)

    Introduced in Senate · EN · 31 July 2019

    ViewDownloadOpen at official source

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  • Introduced in Senate

    summary · EN · 31 July 2019

    Open at official source

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Sponsors

Related records

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Sources

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