S. 3143 (107th): Consumer and Shareholder Protection Association Act of 2002

Introduced:
Oct 17, 2002 (107th Congress, 2001–2002)
Sponsor:
Sen. Paul Wellstone [D-MN]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

(About Ads | Advertise Here)
Status

This bill was introduced on October 17, 2002, in a previous session of Congress, but was not enacted.

Progress
Introduced Oct 17, 2002
Referred to Committee Oct 17, 2002
Cosponsors
none
Committees

Senate Commerce, Science, and Transportation

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

Full Title

A bill to provide for the establishment of the Consumer and Shareholder Protection Association, and for other purposes.

Summary

No summaries available.

Text

Read Bill Text »

Last updated Oct 17, 2002.
32 pages

Primary Source

View on THOMAS (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here.

Citation

Click a format for a citation suggestion:

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

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

10/17/2002--Introduced.
Consumer and Shareholder Protection Association Act of 2002 - Authorizes the establishment of the Consumer and Shareholder Protection Association as a private, nonprofit corporation to:
(1) educate and advise consumers and shareholders about the actions of certain entities, and how corporate initiatives will affect them;
(2) represent and promote the interests of consumers, and negotiate on behalf of consumers and shareholders with such entities;
(3) monitor the availability and quality of financial or shareholder services to low- and moderate-income constituencies and the elderly; and
(4) develop data to assist shareholders and consumers in making informed decisions in the marketplace.
Defines entities subject to this Act as:
(1) any company with revenues during its last fiscal year of over $1.2 billion which is required to file periodic reports under the Securities Exchange Act of 1934; and
(2) any insured depository institution.
Establishes an interim board of directors representing: (1) consumer groups; (2) institutional shareholder groups; (3) labor unions; (4) civil rights groups; (5) neighborhood groups; (6) elderly groups; and (7) organizations representing low-income persons.
Empowers the Association to: (1) represent the interests of consumers before Federal regulatory agencies, legislative bodies, the courts, and other public forums; (2) sue on behalf of Association members for judicial relief, including damages; and (3) participate in research, surveys, and investigations in consumer matters.
Requires entities subject to this Act to include inserts periodically in mailings and proxy statements sent to shareholders and customers, advising them that the Association is established under Federal law to: (1) inform and represent consumers; (2) work on their behalf to prevent corporate fraud and deceptive business practices; and (3) ensure the protection of retirement funds and investments.

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

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

We’ll be looking for a source of summaries from the other side in the meanwhile.

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.)