,,ii  #aafth ,,congress  #b;d ,session  
,s4 #cedj  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,march #ai1    
#bjbj,mr4 ,schumer 7for ,ms4 ,baldwin   
7for herself1 ,mr4 ,blumenthal1 ,mr4    
,markey1 and ,mr4 ,sanders77 introduced 
the following bill2 which was read twice
 and referred to the ,committee on      
,banking1 ,housing1 and ,urban ,affairs 
,a ,,bill  ,to prohibit public companies
 from repurchasing their shares on the  
open market1 and for other purposes4    
#a4 ,short title ,this ,act may be cited
 as the ,reward ,work ,act4  #b4        
,prohibition on stock buybacks on the   
open market  7a7 ,definitions ,in this  
section-- 7#a7 the term covered issuer  
means an issuer that-- 7,a7 receives    
financial assistance relating to the    
coronavirus disease #bjai 7,,covid-#ai7 
pandemic2 and  7,b7 has repurchased more
 than #a1jjj1jjj1jjj of the securities  
of the issuer on the open market over   
the during the previous #e-year period2 
7#b7 the terms equity security1         

exchange1 and issuer have the meanings  
given the terms in section #c of the    
,securities ,exchange ,act of #aicd 7#ae
 ,u4,s4,c4 #gh;c72 and  7#c7 the term   
national securities exchange means an   
exchange registered under section #f of 
the ,securities ,exchange ,act of #aicd 
7#ae ,u4,s4,c4 #gh;f74  7b7             
,prohibitions ,notwithstanding any other
 provision of law1 no covered issuer may
 purchase an equity security of the     
covered issuer on a national securities 
exchange4  7c7 ,no force or effect      
,section #bdj4aj;b-#ah of title #ag1    
,code of ,federal ,regulations1 shall   
have no force or effect4  7d7 ,rule of  
construction ,nothing in this section   
may be construed to affect tender offers
 subject to section #bdj4ac;e-#d and    
sections #bdj4ad;e-#a through           
#bdj4ad;f-#a of title #ag1 ,code of     
,federal ,regulations4  #c4 ,worker     
representation on corporate board of    
directors  7a7 ,definitions ,in this    
section-- 7#a7 the term covered issuer  

has the meaning given the term in       
section #b7;a72  7#b7 the term director 
has the meaning given the term in       
section #c of the ,securities ,exchange 
,act of #aicd 7#ae ,u4,s4,c4 #gh;c72 and
  7#c7 the term employee-- 7,a7 has the 
meaning given the term in section #b of 
the ,national ,labor ,relations ,act    
7#bi ,u4,s4,c4 #aeb72  7,b7 includes any
 individual employed by an employer     
subject to the ,railway ,labor ,act 7#de
 ,u4,s4,c4 #aea et seq474  7b7          
,registration requirements for          
securities ,section #ab7;b7 of the      
,securities ,exchange ,act of #aicd 7#ae
 ,u4,s4,c4 #ghl7b77#a77 is amended by   
adding at the end the following3  7#d7  
7,a7 ,in this paragraph1 the term       
covered issuer means an issuer that--   
7i7 receives financial assistance       
relating to the coronavirus disease     
#bjai 7,,covid-#ai7 pandemic2 and  7ii7 
has repurchased more than #a1jjj1jjj1jjj
 of the securities of the issuer on the 
open market over the during the previous

 #e-year period4  7,b7 ,no covered      
issuer may register securities on a     
national exchange unless at least #a_/c 
of the covered issuer's directors are   
chosen by the covered issuer's employees
 in a one-employee-one-vote election    
process4  4  7c7 ,policy ,the           
,securities and ,exchange ,commission1  
in consultation with the ,national      
,labor ,relations ,board1 shall         
promulgate regulations-- 7#a7 to ensure 
that elections of directors of covered  
issuers are fair and democratic2 and    
7#b7 to ensure that #a_/c of a covered  
issuer's board of directors will be     
composed of employee representatives    
within #b years of the date of enactment
 of this ,act4  #d4 ,regulations ,the   
,securities and ,exchange ,commission   
shall promulgate regulations to direct  
national securities exchanges and       
covered issuers1 as defined in section  
#b7;a71 to comply with this ,act and the
 amendments made by this ,act4