HR 1030 · 101th Congress · Finance and Financial Sector

Community, Employee, and Stockholder Right-to-Know Act

Introduced 1989-02-21· Sponsored by Rep. Penny, Timothy J. [D-MN-1]· House

Bill Progress

Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to the Subcommittee on Telecommunications and Finance.(1989-03-06)

Plain Language Summary

[AI summary unavailable — showing source text] Community, Employee, and Stockholder Right-to-Know Act - Amends the Securities Exchange Act of 1934 to authorize the Securities Exchange Commission (SEC) to suspend the effectiveness of the offer for, or request or invitations of tenders for, a security if the SEC determines that the required information statement filed with the SEC is lacking in specified information or that the information does not provide full disclosure concerning such security. Maintains such suspension until a determination following a hearing. Requires such hearing to be held within ten days after the date of suspension, and a determination to be made within three days following the completion of the hearing. Requires the SEC to permanently suspend an offer found to contain inadequate information concerning the security, subject to the offeror's right to remedy the inadequate information provided in the offer. Prohibits the offeror from taking any action concerning the offer of a security while such offer's validity is being determined by such a hearing. Prohibits any offeror from acquiring any equity securities of any class of any issuer at any time within two years following the last purchase of securities…

Summarized by Claude AI · Non-partisan · For informational purposes only

Cosponsors (15)

12 Democrats3 Republicans