H.R. 5160 (107th): Business, Investors’, and Employees’ Bill of Rights Act of 2002

Introduced:
Jul 18, 2002 (107th Congress, 2001–2002)
Sponsor:
Rep. Richard “Dick” Gephardt [D-MO3]
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 July 18, 2002, in a previous session of Congress, but was not enacted.

Progress
Introduced Jul 18, 2002
Cosponsors
19 cosponsors (19D) (show)
Committees

House Education and the Workforce

House Financial Services

House Judiciary

House Ways and Means

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

Full Title

To promote corporate responsibility.

Summary

No summaries available.

Text

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Last updated Jul 18, 2002.
200 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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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.

7/18/2002--Introduced.
Business, Investors', and Employees' Bill of Rights Act of 2002 - Amends the Federal criminal code, the judicial code, the bankruptcy code, the Securities Exchange Act of 1934, and other related Federal law to: (1) establish criminal penalties for securities fraud and designated corporate practices; and (2) declare that debts incurred in violation of securities fraud laws are nondischargeable in bankruptcy.
Establishes the Retirement Security Fraud Bureau in the Department of Justice.
Amends the Internal Revenue Code to: (1) treat the acquiring corporation in a corporate expatriation transaction as a domestic corporation; and (2) treat as ordinary income the unrealized built-in gain on options to acquire stock by a corporate insider of an expatriate corporation.
Provides for executive accountability, including application of the "golden parachute" excise tax to deferred compensation paid by a corporation following a major decline in its stock value, or if it declares bankruptcy.
Mandates that: (1) national securities exchanges and associations prohibit insider loans; and (2) the Securities and Exchange Commission require disgorgement of proceeds resulting from misconduct by an issuer of securities or its executive staff, and executive officer accountability.
Sets forth provisions concerning: (1) corporate governance and accuracy of investor information; (2) auditor independence; (3) industry oversight; and (4) model rules for attorneys of issuers.
Exempts registered investment companies from requirements and prohibitions of this Act regarding: (1) real-time disclosure of financial information; (2) transparency of corporate disclosures; (3) reporting on insider transactions and relationships; (4) independent directors and other corporate governance requirements; and (5) auditor oversight.
Amends the Employee Retirement Income Security Act of 1974 to establish the Office of Pension Participant Advocacy, and to prescribe procedural guidelines for: (1) pension benefits disclosures; (2) diversification requirements; (3) employee representation; (4) executive parity; (5) insurance to protect pension participants and beneficiaries; and (6) independent investment advice for participants.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

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

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)

Other Citations

  • 18 U.S.C. Chapter 63
  • 18 U.S.C. Chapter 73