To require major corporations receiving Federal aid related to COVID-19 to make annual payments of equity to employees of the corporation while such aid is outstanding, and for other purposes.
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (May 13, 2020)
This bill requires a major corporation that receives federal aid related to COVID-19 (i.e., coronavirus disease 2019) to make an annual grant of equity to its employees until all such federal aid is repaid.
A major corporation is a corporation that, among other things, has its securities traded on a national securities exchange, has to register its securities with the Securities and Exchange Commission, and has an aggregate market value of $75 million.
The number of shares of stock such a corporation must grant to its employees shall be determined according to a specified formula. Such grant (1) shall be a grant of whole shares of stock; (2) may not be conditioned on the purchase of company stock or any employee performance evaluations; and (3) shall be equal, in terms of voting and dividend rights, to the class of securities otherwise issued by the corporation that carries the highest such rights.
What just happenedMay 13, 2020
Referred to the House Committee on Financial Services.
Who’s behind it
- Introduced in HouseMay 13, 2020
- May 13, 2020IntroReferralH11100
Referred to the House Committee on Financial Services.
Financial Services Committee - May 13, 2020IntroReferralIntro-H
Introduced in House
- May 13, 2020IntroReferral1000
Introduced in House