April 3, 1989
TO: BOARD OF GOVERNORS NO. 21-89
FEDERAL LEGISLATION MEMBERS NO. 6-89
FEDERAL LEGISLATION COMMITTEE NO. 5-89
RE: SEC-PROPOSED LEGISLATION INTRODUCED IN CONGRESS
__________________________________________________________
At the request of the SEC, legislation dealing with various
securities matters has been introduced in the Congress. In
introducing the bills, Senate Securities Subcommittee Chairman
Dodd said "Although we are not endorsing the measures at this
time, we believe the subcommittee has a responsibility to give
serious consideration to legislation proposed by the expert
agency created by Congress to protect investors and ensure the
integrity of the capital-raising process."
The legislation proposed by the SEC includes:
S. 646 (H.R. 1396) the "International Securities
Enforcement Cooperation Act of 1989", a bill to facilitate
cooperation between the United States and foreign countries in
securities law enforcement;
S. 647 (H.R. 975) the "Securities Law Enforcement Remedies
Act of 1989", a bill to provide additional enforcement remedies
for violations of Federal securities laws;
S. 648 (H.R. 1609) the "Market Reform Act of 1989", a bill
to provide the SEC with special powers in the event of a market
emergency;
S. 649 the "Shareholder Communications Improvement Act of
1989", a bill to require that banks and broker-dealers that hold
mutual fund shares on behalf of customers forward proxy material
to those customers.
Most recently the House Securities Subcommittee held a
hearing on H.R. 1396, the "International Securities Enforcement
Cooperation Act of 1989" and Senate Securities Subcommittee
Chairman Dodd has indicated that he will hold a hearing on
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S. 648, the market break legislation in mid-May (date to be
announced) and a series of hearings on the globalization of the
securities market once the FSLIC legislation is completed
(tentatively June.)
The Institute is active in these matters and will keep you
advised of their progress. Attached are copies of the bills and
the Congressional Record statements that accompanied the bills.
Julie Domenick Doerr
Vice President-Legislative Affairs
Attachments