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United States · Bill · S

S. 975 (99th)

Securities, Safety, and Soundness Act of 1985

referredUnited States· United States Congress· EN

Introduced

23 April 1985

Last action

23 April 1985 · Introduced

Status

Read twice and referred to the Committee on Banking.

Sponsors

Sen. Domenici, Pete V. [R-NM], Sen. Chiles, Lawton [D-FL], Sen. Murkowski, Frank H. [R-AK], Sen. Ford, Wendell H. [D-KY], Sen. Eagleton, Thomas F. [D-MO], Sen. Bingaman, Jeff [D-NM], Sen. Simon, Paul [D-IL], Sen. Wilson, Pete [R-CA], Sen. Evans, Daniel J. [R-WA], Sen. Dixon, Alan J. [D-IL], Sen. Abdnor, James [R-SD], Sen. Kerry, John F. [D-MA], Sen. Nickles, Don [R-OK], Sen. Bumpers, Dale [D-AR], Sen. Stafford, Robert T. [R-VT]

Subjects

Discovery layer

Source updated

29 August 2025

Official sourceView documentsShare

Summary

Securities, Safety, and Soundness Act of 1985 - Amends the Securities Exchange Act of 1934 to prohibit any person from acquiring certain equity securities between April 23 and December 31, 1985, if: (1) such person would then be entitled to cast 15 percent or more of the securities holders' votes in an election of directors of the issuer; (2) such acquisition is disapproved by a majority of those members of the issuer's board of directors who are not issuer officers or employees; and (3) 20 percent or more of the acquisition is financed by the issuance of takeover securities the proceeds from which exceed $25,000,000. Defines "takeover securities" as certain low-rated or unrated bonds or preferred stock, other debt instruments subordinated in right of payment to the payment of any substantial amount of unsecured indebtedness, or equity or quasi-equity instruments other than common or preferred stock. Prohibits any insured bank or institution from purchasing non-investment grade securities. Directs the Federal Deposit Insurance Corporation and the Federal Savings and Loan Insurance Corporation to prevent insured institutions from carrying non-investment grade securities as loans.

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Timeline

  1. 23 April 1985

    Introduced

    Read twice and referred to the Committee on Banking.

    Source: IntroReferral

  2. 23 April 1985

    Introduced

    Introduced in Senate

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

Leesvertaling

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Sponsors

Related records

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Sources

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