,,ii  #aaf? ,,congress  #b;d ,session   
,s4 #cedj  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,m>* #ai1 #bjbj,mr4    
,s*um] 7= ,ms4 ,baldw9 7= h]self1 ,mr4  
,blum5?al1 ,mr4 ,m>key1 & ,mr4 ,s&]s77  
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to prohibit public companies f 
repur*as+ _! %>es on ! op5 m>ket1 & =   
o!r purposes4  #a4 ,%ort title ,?is ,act
 may be cit$ z ! ,rew>d ,"w ,act4  #b4  
,prohibition on /ock buybacks on ! op5  
m>ket  7a7 ,def9itions ,9 ?is section-- 
7#a7 ! t]m cov]$ issu] means an issu]   
t-- 7,a7 receives f9ancial assi/ance    
relat+ to ! coronavirus disease #bjai   
7,,covid-#ai7 p&emic2 &  7,b7 has       
repur*as$ m ?an #a1jjj1jjj1jjj ( !      
securities ( ! issu] on ! op5 m>ket ov] 
! dur+ ! previ\s #e-ye> p]iod2  7#b7 !  
t]ms equity security1 ex*ange1 & issu] h
 ! mean+s giv5 ! t]ms 9 section #c ( !  
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;c72 &  7#c7 ! t]m national

 securities ex*ange means an ex*ange    
regi/]$ "u section #f ( ! ,securities   
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gh;f74  7b7 ,prohibitions ,not)/&+ any 
o!r provision ( law1 no cov]$ issu] may 
pur*ase an equity security ( ! cov]$    
issu] on a national securities ex*ange4 
7c7 ,no =ce or effect ,section          
#bdj4aj;b-#ah ( title #ag1 ,code (      
,f$]al ,regulations1 %all h no =ce or   
effect4  7d7 ,rule ( con/ruction ,no?+ 9
 ?is section may be con/ru$ to affect   
t5d] (f]s subject to section            
#bdj4ac;e-#d & sections #bdj4ad;e-#a    
?r\gh #bdj4ad;f-#a ( title #ag1 ,code ( 
,f$]al ,regulations4  #c4 ,work]        
repres5tation on corporate bo>d (       
directors  7a7 ,def9itions ,9 ?is       
section-- 7#a7 ! t]m cov]$ issu] has !  
mean+ giv5 ! t]m 9 section #b7;a72  7#b7
 ! t]m director has ! mean+ giv5 ! t]m 9
 section #c ( ! ,securities ,ex*ange    
,act ( #aicd 7#ae ,u4,s4,c4 #gh;c72 &   
7#c7 ! t]m employee-- 7,a7 has ! mean+  
giv5 ! t]m 9 section #b ( ! ,national   

,labor ,relations ,act 7#bi ,u4,s4,c4   
#aeb72  7,b7 includes any individual    
employ$ by an employ] subject to !      
,railway ,labor ,act 7#de ,u4,s4,c4 #aea
 et seq474  7b7 ,regi/ration requirem5ts
 = securities ,section #ab7;b7 ( !      
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #ghl7b77#a77 is am5d$ by add+ 
at ! end ! foll[+3  7#d7 7,a7 ,9 ?is    
p>agraph1 ! t]m cov]$ issu] means an    
issu] t-- 7i7 receives f9ancial         
assi/ance relat+ to ! coronavirus       
disease #bjai 7,,covid-#ai7 p&emic2 &   
7ii7 has repur*as$ m ?an #a1jjj1jjj1jjj 
( ! securities ( ! issu] on ! op5 m>ket 
ov] ! dur+ ! previ\s #e-ye> p]iod4  7,b7
 ,no cov]$ issu] may regi/] securities  
on a national ex*ange unless at lea/    
#a_/c ( ! cov]$ issu]'s directors are   
*os5 by ! cov]$ issu]'s employees 9 a   
"o-employee-"o-vote election process4  4
  7c7 ,policy ,! ,securities & ,ex*ange 
,commission1 9 consultation ) !         
,national ,labor ,relations ,bo>d1 %all 
promulgate regulations-- 7#a7 to ensure 

t elections ( directors ( cov]$ issu]s  
are fair & democratic2 &  7#b7 to ensure
 t #a_/c ( a cov]$ issu]'s bo>d (       
directors w be compos$ ( employee       
repres5tatives )9 #b ye>s ( ! date (    
enactm5t ( ?is ,act4  #d4 ,regulations  
,! ,securities & ,ex*ange ,commission   
%all promulgate regulations to direct   
national securities ex*anges & cov]$    
issu]s1 z def9$ 9 section #b7;a71 to    
comply ) ?is ,act & ! am5dm5ts made by  
?is ,act4