Encouraging Employee Ownership Act

Bill: 114-s-576
Sponsor: full_name: Sen. Toomey, Patrick [R-PA]
Introduced: 2015-02-26
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Employee benefits and pensions

Financial services and investments

Securities

Securities and Exchange Commission (SEC)
Latest action: action_date: 2015-03-24
text: Committee on Banking, Housing, and Urban Affairs Subcommittee on Securities, Insurance, and Investment. Hearings held.

Summaries:
action_date: 2015-02-26
action_desc: Introduced in Senate
text: <p><b> Encouraging Employee Ownership Act</b> </p> <p>Directs the Securities and Exchange Commission to revise regulations to require an issuer to furnish investors with additional specified disclosures regarding compensatory benefit plans if the aggregate sales price or amount of securities sold during any consecutive 12-month period exceeds $10 million (currently $5 million), indexed for inflation every five years. </p>

tv_txt: II 114th CONGRESS 1st Session S. 576 IN THE SENATE OF THE UNITED STATES February 26, 2015 Mr. Toomey (for himself and Mr. Warner ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To increase the threshold for disclosures required by the Securities and Exchange Commission relating to compensatory benefit plans, and for other purposes.

1. Short title This Act may be cited as the Encouraging Employee Ownership Act . 2. Increased threshold for disclosures relating to compensatory benefit plans Not later than 60 days after the date of the enactment of this Act, the Securities and Exchange Commission shall revise section 230.701(e) of title 17, Code of Federal Regulations, so as to increase from $5,000,000 to $10,000,000 the aggregate sales price or amount of securities sold during any consecutive 12-month period in excess of which the issuer is required under such section to deliver an additional disclosure to investors. The Commission shall index for inflation such aggregate sales price or amount every 5 years to reflect the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics, rounding to the nearest $1,000,000.