Reward Work Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in senate (Mar 19, 2020)
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.
What just happenedMar 19, 2020
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Who’s behind it
- Introduced in SenateMar 19, 2020
- Mar 19, 2020IntroReferral
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Banking, Housing, and Urban Affairs Committee - Mar 19, 2020IntroReferral10000
Introduced in Senate