H.R. 4083 (107th): Corporate Responsibility Act of 2002

Introduced:
Apr 09, 2002 (107th Congress, 2001–2002)
Sponsor:
Rep. John LaFalce [D-NY29]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on April 9, 2002, in a previous session of Congress, but was not enacted.

Progress
Introduced Apr 09, 2002
Cosponsors
14 cosponsors (13D, 1I) (show)
Committees

House Financial Services

The committee chair determines whether a bill will move past the committee stage.

Full Title

To provide for enhanced corporate responsibility under the securities laws.

Summary

No summaries available.

Text

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Last updated Apr 09, 2002.
8 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

4/9/2002--Introduced.
Corporate Responsibility Act of 2002 - Instructs the Securities and Exchange Commission (SEC) to require disgorgement of salaries, commissions, fees, bonuses, options, profits, and losses avoided through securities transactions obtained by an officer or director of an issuer during a reporting period when such officer or director engaged in misconduct resulting in the filing of a false or materially misleading financial statement.
Requires the principal executive officer or officers and the principal financial officer or officers to certify in each annual or quarterly report filed or submitted that: (1) the signing officer has reviewed the report and that it does not contain untrue statements of a material fact or omit a material fact; (2) such report fairly presents the financial condition and results of operation in all material respects; (3) the signing officers have established and maintained effective internal controls and disclosed to the auditors and the audit committee of the board of directors any significant deficiencies in such controls which could adversely affect financial data and any fraud, whether or not material; and (4) there were or were not changes in internal controls or other factors that could significantly affect such controls subsequent to their evaluation.
Amends the Securities Act of 1933 and the Securities Exchange Act of 1934 to establish a standard of unfitness (as opposed to the current "substantial unfitness") for removal of corporate officers in a judicial, administrative, or cease-and-desist proceeding.
Authorizes the SEC, in a cease-and-desist proceeding, to prohibit those who used manipulative and deceptive devices in the purchase, sale, or swap of securities from serving as officers as directors.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

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