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tended period), and the payments (with accrued in-
terest) returned to the issuer.’’.
(b) TECHNICAL AMENDMENT.—Section 21C(c)(2) of
the Securities Exchange Act of 1934 (15 U.S.C. 78u–
3(c)(2)) is amended by striking ‘‘This’’ and inserting
‘‘Paragraph (1) of this’’.
SEC. 910. AMENDMENT TO THE FEDERAL SENTENCING
GUIDELINES.
(a) REQUEST
FOR IMMEDIATE CONSIDERATION
BY
THE UNITED STATES SENTENCING COMMISSION.—Pursu-
ant to its authority under section 994(p) of title 28, United
States Code, and in accordance with this section, the United
States Sentencing Commission is requested to—
(1) promptly review the sentencing guidelines
applicable to securities and accounting fraud and re-
lated offenses;
(2) expeditiously consider promulgation of new
sentencing guidelines or amendments to existing sen-
tencing guidelines to provide an enhancement for offi-
cers or directors of publicly traded corporations who
commit fraud and related offenses; and
(3) submit to Congress an explanation of actions
taken by the Commission pursuant to paragraph (2)
and any additional policy recommendations the Com-
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mission may have for combating offenses described in
paragraph (1).
(b) OTHER.—In carrying out this section, the Sen-
tencing Commission is requested to—
(1) ensure that the sentencing guidelines and
policy statements reflect the serious nature of securi-
ties, pension, and accounting fraud and the need for
aggressive and appropriate law enforcement action to
prevent such offenses;
(2) assure reasonable consistency with other rel-
evant directives and with other guidelines;
(3) account for any aggravating or mitigating
circumstances that might justify exceptions, including
circumstances for which the sentencing guidelines cur-
rently provide sentencing enhancements;
(4) make any necessary conforming changes to
the sentencing guidelines; and
(5) assure that the guidelines adequately meet
the purposes of sentencing as set forth in section
3553(a)(2) of title 18, United States Code.
(c) EMERGENCY AUTHORITY AND DEADLINE FOR COM-
MISSION ACTION.—The Commission is requested to promul-
gate the guidelines or amendments provided for under this
section as soon as practicable, and in any event not later
than the 120 days after the date of the enactment of this
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Act, in accordance with the procedures set forth in section
21(a) of the Sentencing Reform Act of 1987, as though the
authority under that Act had not expired.
SEC. 911. AUTHORITY OF THE COMMISSION TO PROHIBIT
PERSONS FROM SERVING AS OFFICERS OR DI-
RECTORS.
(a) In section 21C of the Securities Exchange Act of
1934, add at the end a new subsection as follows:
‘‘(f) AUTHORITY OF THE COMMISSION TO PROHIBIT
PERSONS FROM SERVING AS OFFICERS OR DIRECTORS.—
In any cease-and-desist proceeding under subsection (a), the
Commission may issue an order to prohibit, conditionally
or unconditionally, and permanently or for such period of
time as it shall determine, any person who has violated sec-
tion 10(b) of this title or the rules or regulations thereunder
from acting as an officer or director of any issuer that has
a class of securities registered pursuant to section 12 of this
title or that is required to file reports pursuant to section
15(d) of this title if the person’s conduct demonstrates
unfitness to serve as an officer or director of any such
issuer.’’.
(b) In section 8A of the Securities Act of 1933 add
at the end a new subsection as follows:
‘‘(f) AUTHORITY OF THE COMMISSION TO PROHIBIT
PERSONS FROM SERVING AS OFFICERS OR DIRECTORS.—
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In any cease-and-desist proceeding under subsection (a), the
Commission may issue an order to prohibit, conditionally
or unconditionally, and permanently or for such period of
time as it shall determine, any person who has violated sec-
tion 17(a)(1) of this title from acting as an officer or direc-
tor of any issuer that has a class of securities registered
pursuant to section 12 of the Securities Exchange Act of
1934 or that is required to file reports pursuant to section
15(d) of that Act if the person’s conduct demonstrates
unfitness to serve as an officer or director of any such
issuer.’’.
TITLE X—CORPORATE TAX
RETURNS
SEC. 1001. SENSE OF THE SENATE REGARDING THE SIGN-
ING OF CORPORATE TAX RETURNS BY CHIEF
EXECUTIVE OFFICERS.
It is the sense of the Senate that the Federal income
tax return of a corporation should be signed by the chief
executive officer of such corporation.
Attest:
Secretary.