US Congress House Bill 6851 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on May 13 2020 - 25% progression, died in committee
Action: 2020-05-13 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

Requires a major corporation that receives federal aid related to COVID-19 (i.e., coronavirus disease 2019) to make an annual grant of equity to its employees until all such federal aid is repaid. A major corporation is a corporation that, among other things, has its securities traded on a national securities exchange, has to register its securities with the Securities and Exchange Commission, and has an aggregate market value of $75 million. The number of shares of stock such a corporation must grant to its employees shall be determined according to a specified formula. Such grant (1) shall be a grant of whole shares of stock; (2) may not be conditioned on the purchase of company stock or any employee performance evaluations; and (3) shall be equal, in terms of voting and dividend rights, to the class of securities otherwise issued by the corporation that carries the highest such rights.

To require major corporations receiving Federal aid related to COVID-19 to make annual payments of equity to employees of the corporation while such aid is outstanding, and for other purposes.

Rep. Alexandria Ocasio-Cortez [D-NY]

Date	Chamber	Action
2020-05-13	House	Referred to the House Committee on Financial Services.
2020-05-13	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/house-bill/6851/all-info
Text	https://www.congress.gov/116/bills/hr6851/BILLS-116hr6851ih.pdf