,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #iae  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,m>* #bg1 #bjai,ms4    
,baldw9 7= h]self1 ,ms4 ,w>r51 ,mrs4    
,gillibr&1 & ,mr4 ,s&]s7 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]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#b7 ! 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 issu] may       
pur*ase an equity security ( ! 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$]al ,regulations4  #c4  
,work] repres5tation on corporate bo>d (
 directors  7a7 ,def9itions ,9 ?is      
section-- 7#a7 ! t]m director has !     
mean+ giv5 ! t]m 9 section #c ( !       
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;c72 &  7#b7 ! t]m employee
 has ! mean+ giv5 ! t]m 9 section #b ( !
 ,national ,labor ,relations ,act 7#bi  
,u4,s4,c4 #aeb74  7b7 ,regi/ration      
requirem5ts = securities ,section       
#ab7;b7 ( ! ,securities ,ex*ange ,act ( 
#aicd 7#ae ,u4,s4,c4 #ghl7b77#a77 is    
am5d$ by add+ at ! end ! foll[+3  7#d7  
,no issu] may regi/] securities on a    
national ex*ange unless at lea/ #a_/c ( 
! issu]'s directors are *os5 by ! issu+ 
company'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 director elections at issu+ firms are 
fair & democratic2 &  7#b7 to ensure t  
#a_/c ( an 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 & issu]s1 z def9$ 9 
section #b7;a71 to comply ) ?is ,act & !
 am5dm5ts made by ?is ,act4