S. 3931 — Introduced in Senate

II 117th CONGRESS 2d Session S. 3931 IN THE SENATE OF THE UNITED STATES March 24, 2022Ms. Lummis introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To require the Securities and Exchange Commission to extend exemptions for securities offered as part of employee pay to other individuals providing goods for sale, labor, or services for remuneration, and for other purposes. 1. Short title This Act may be cited as the Gig Worker Equity Compensation Act. 2. Extension of Rule 701 (a) In general (1) Definition For purposes of this subsection, the term customers, with respect to an issuer, may, at the election of the issuer, include users of a platform of the issuer. (2) Application The exemption provided under section 230.701 of title 17, Code of Federal Regulations, or any successor regulation, shall apply to individuals (other than employees) providing goods for sale, labor, or services for remuneration to an issuer, or to customers of an issuer, to the same extent as that exemption applies to employees of the issuer. (b) Adjustment for inflation Section 507 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (15 U.S.C. 77e note) is amended, in the second sentence, by striking every 5 years and inserting annually. (c) Rulemaking (1) Proposed rules Not later than 270 days after the date of enactment of this Act, the Commission shall issue proposed revisions to section 230.701 of title 17, Code of Federal Regulations, or any successor regulation— (A) to reflect the requirements of this section; and (B) that do not revise such section 230.701 in any manner that would have the effect of restricting access to equity compensation for employees or individuals described in subsection (a). (2) Final rules Not later than 270 days after the date on which the Commission issues the proposed revisions required under paragraph (1), the Commission shall issue a final version of those revisions.