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House Bill 6339
116th Congress(2019-2020)
To temporarily ban stock buybacks until the impact of COVID-19 on the American financial system has ended.
Introduced
Introduced
Introduced in House on Mar 23, 2020
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Introduced in House 
Mar 23, 2020
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Introduced in House(Mar 23, 2020)
Mar 23, 2020
Not Scanned for Linkage
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Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
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H. R. 6339 (Introduced-in-House)


116th CONGRESS
2d Session
H. R. 6339


To temporarily ban stock buybacks until the impact of COVID–19 on the American financial system has ended.

IN THE HOUSE OF REPRESENTATIVES

March 23, 2020

Mr. Casten of Illinois introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To temporarily ban stock buybacks until the impact of COVID–19 on the American financial system has ended.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Temporary ban on stock buybacks.

(a) In general.—It shall be unlawful for any issuer, the securities of which are traded on a national securities exchange, to purchase securities of the issuer during the period beginning on the date of enactment of this Act and ending 120 days after the end of the COVID–19 emergency period.

(b) Early termination.—The Securities and Exchange Commission may terminate the prohibition under subsection (a) after the end of the COVID–19 emergency period and before the end of the 120-day period described under subsection (a), if—

(1) the Commission determines such termination is in the public interest; and

(2) immediately notifies the Congress and the public of such determination and the reason for such determination, including on the website of the Commission.

(c) Enforcement; rulemaking.—

(1) IN GENERAL.—The Securities and Exchange Commission shall have the authority to enforce this Act and may issue such rules as may be necessary to carry out this Act.

(2) COMMISSION VOTING.—Any action taken by the Commission pursuant to this section may only be taken upon a unanimous vote of the commissioners.

(d) Definitions.—In this section:

(1) COVID–19 EMERGENCY PERIOD.—The term “COVID–19 emergency period” means the period that begins upon the date of the enactment of this Act and ends upon the date of the termination by the Federal Emergency Management Agency of the emergency declared on March 13, 2020, by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 4121 et seq.) relating to the Coronavirus Disease 2019 (COVID–19) pandemic.

(2) OTHER DEFINITIONS.—The terms “issuer”, “national securities exchange”, and “security” have the meaning given those terms, respectively, under section 3 of the Securities Exchange Act of 1934.