S 3143 · 107th Congress · Commerce

Consumer and Shareholder Protection Association Act of 2002

Introduced 2002-10-17· Sponsored by Sen. Wellstone, Paul D. [D-MN]· Senate

Bill Progress

Introduced
2
Committee
3
Senate Vote
4
House
5
Enacted
Latest: Read twice and referred to the Committee on Commerce, Science, and Transportation.(2002-10-17)

Plain Language Summary

[AI summary unavailable — showing source text] 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 perso…

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