United States · Bill · S
S. 3540 (116th)
Reward Work Act
Introduced
19 March 2020
Last action
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Status
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sponsors
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Subjects
Discovery layer
Source updated
14 January 2025
Summary
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.
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Documents
3 official files
Introduced in Senate (text)
Introduced in Senate · EN · 19 March 2020
Introduced in Senate (PDF)
Introduced in Senate · EN · 19 March 2020
Introduced in Senate
summary · EN · 19 March 2020
Sponsors
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Sources
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- Official source: https://www.congress.gov/bill/116th-congress/senate-bill/3540
- Open data entity: https://api.congress.gov/v3/bill/116/s/3540