BillCam

Securities

Number	Legislature	Summary	Subjects
HB-162	State (Utah)	Securities Amendments Republican: 100% (1) 100% Republican support	Business Securities
HB-78	State (Alaska)	An Act relating to insurance; relating to an insurer's corporate governance; relating to insurance holding companies and insurance company holding systems; amending Rule 26, Alaska Rules of Civil Procedure, and Rules 402 and 501, Alaska Rules of Evidence; and providing for an effective date.	Business Contracts Corporations Disclosure Insurance Investments Regulations Securities
SB-72	State (Alaska)	An Act relating to insurance; relating to an insurer's corporate annual disclosure; relating to insurance company holding systems; and providing for an effective date.	Business Corporations Disclosure Insurance Regulations Securities
SCR-6	State (Alaska)	Suspend Uniform Rules For Hb 78	Business Contracts Corporations Disclosure Insurance Investments Regulations Securities Uniform Rules
SB-154	State (Maryland)	Exempting a certain assignment of rents or assignment of leases for security purposes from certain requirements related to recordation; and authorizing a certain assignment of rents or assignment of leases for security purposes prepared by an attorney or one of the parties named in the instrument to be recorded without a certain certification. Republican: 100% (1) 100% Republican support	Real Property Deeds Leases And Rent Records Securities
HB-5116	Federal	Corporate Governance Reform and Transparency Act of 2019 This bill requires a proxy advisory firm to register with the Securities and Exchange Commission (SEC) and prohibits an unregistered proxy advisory firm from using interstate commerce to provide proxy-voting research, analysis, or recommendations to any client. With respect to these firms, the bill (1) establishes procedures for both registration and termination of registration; (2) requires each firm to employ an ombudsman, designate a compliance officer, and file specified documents with the SEC; and (3) prohibits unfair, coercive, or abusive practices. The SEC must report annually on its website regarding registration applications and related matters. Republican: 100% (12) 100% Republican support	Finance And Financial Sector Administrative Remedies Business Ethics Competition And Antitrust Corporate Finance And Management Government Information And Archives Licensing And Registrations Securities Securities And Exchange Commission (sec)
HB-5083	Federal	Debt Ceiling Alternative Act This bill establishes requirements and authorities for notifying Congress, issuing bonds, proposing rescissions, and selling assets if the debt limit will be reached. The Department of the Treasury must notify Congress if it estimates that the U.S. debt will reach the statutory debt limit during a quarter. After Congress is notified, Treasury must issue bonds that (1) have an interest rate linked to the nominal gross domestic product of the United States, (2) may only be used to pay the principal and interest on obligations of the United States held by the public or the Social Security trust funds, and (3) are exempt from the debt limit. Once Congress is notified that the debt limit will be reached, the President may issue a message to Congress containing a list of budget authority proposed to be rescinded. The list may only contain items related to unobligated balances of funds made available before the beginning of the fiscal year during which such notification is provided. Congress must consider the message using specified expedited legislative procedures. If the debt limit notice has been provided to Congress, the President may also order the sale of specified mortgage-related assets owned or held by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Association (Freddie Mac), and the Federal Reserve. The proceeds from the sales must be deposited in the Treasury. Republican: 100% (4) 100% Republican support	Economics And Public Finance Appropriations Budget Deficits And National Debt Budget Process Congressional Oversight Congressional-executive Branch Relations Federal Reserve System Government Corporations And Government-sponsored Enterprises Government Trust Funds Housing Finance And Home Ownership
HB-5084	Federal	Improving Corporate Governance Through Diversity Act of 2019 This bill requires certain issuers of securities to disclose the racial, ethnic, and gender composition of their boards of directors and executive officers, as well as the status of any of those directors and officers as a veteran. It also requires the disclosure of any plan to promote racial, ethnic, and gender diversity among these groups. The Securities and Exchange Commission must establish a Diversity Advisory Group to report on strategies to increase gender, racial, and ethnic diversity among board members. Democrat: 100% (5) 100% Democrat support	Finance And Financial Sector Advisory Bodies Business Records Congressional Oversight Corporate Finance And Management Employment Discrimination And Employee Rights Government Information And Archives Government Studies And Investigations Minority Employment Racial And Ethnic Relations
HB-5007	Federal	Farmers' Access to Resources and Machinery Act This bill amends the Internal Revenue Code, with respect to private activity bond financing for first-time farmers, to (1) increase from $450,000 to $524,200 (adjusted annually for inflation) the amount of bond proceeds that may be used by a first-time farmer to acquire land for farming purposes, (2) repeal the separate dollar limitation on the use of bond proceeds for used farm equipment, and (3) modify the definition of "substantial farmland" to determine farm size by reference to the average (instead of median) size of a farm in the county in which the farm is located. Democrat: 50% (3) Republican: 50% (3) 50% Democrat support 50% Republican support	Taxation Agricultural Equipment And Machinery Farmland Income Tax Exclusion Inflation And Prices Securities
HB-4818	Federal	Protecting Europe's Energy Security Act of 2019 Republican: 100% (8) 100% Republican support	International Affairs Alliances Competitiveness, Trade Promotion, Trade Deficits Congressional Oversight Corporate Finance And Management Diplomacy, Foreign Officials, Americans Abroad Energy Storage, Supplies, Demand Europe Foreign And International Banking Foreign And International Corporations
HB-4773	Federal	Livestock Risk Management and Education Act This bill directs the Department of Agriculture (USDA) to provide competitive grants to improve the farm management knowledge and skills of livestock producers. USDA must give priority to applicants that (1) demonstrate an ability to work directly with livestock producers, (2) collaborate with farm management educational programs and associations, and (3) include in their application a description of the curriculum the applicant is seeking to carry out to educate livestock producers on risk management through futures market participation and hedging strategies. Republican: 83% (5) Democrat: 16% (1) 83% Republican support 16% Democrat support	Agriculture And Food Agricultural Education Education Programs Funding Livestock Securities
HB-4762	Federal	Fair Investment Opportunities for Professional Experts Act This bill modifies the definition of "accredited investor" for purposes of participating in private offerings of securities to include an individual whose net worth or joint net worth with their spouse exceeds $1 million (adjusted for inflation), excluding from the calculation of their net worth their primary residence and a mortgage secured by that residence in certain circumstances; an individual whose income over the last two years exceeded $200,000 (adjusted for inflation) or joint spousal income exceeded $300,000 (adjusted for inflation) and who has a reasonable expectation of reaching the same income level in the current year; an individual who is licensed as a broker or investment advisor by certain entities; and an individual determined by the Securities and Exchange Commission (SEC) to have qualifying education or experience. (Certain unregistered securities may only be offered to accredited investors.) The SEC is directed to revise the definition of "accredited investor" in Regulation D (which exempts certain offerings from SEC registration requirements) to conform to changes in this bill. Republican: 100% (3) 100% Republican support	Finance And Financial Sector Financial Services And Investments Securities
HB-4492	Federal	Consumer Financial Choice and Capital Markets Protection Act of 2019 This bill allows a money market fund, under specified conditions, to elect to operate using a different method of valuation than is otherwise required. A money market fund that elects to do so shall not be subject to specified requirements related to the imposition of liquidity fees. Certain federal assistance may not be provided directly to any money market fund. This limitation on federal assistance must be disclosed in a money market's advertising and sales literature. Democrat: 50% (7) Republican: 50% (7) 50% Democrat support 50% Republican support	Finance And Financial Sector Bank Accounts, Deposits, Capital Consumer Affairs Financial Crises And Stabilization Financial Services And Investments Government Lending And Loan Guarantees Securities
HB-4491	Federal	Shareholder Protection Act This bill requires shareholder authorization of certain political expenditures by an issuer. A violation of this requirement shall be considered a breach of fiduciary duty, and the officers and directors who authorized the expenditure shall be subject to joint and several liability. An issuer must require a board vote with respect to political expenditures in excess of $50,000 and, within 48 hours, make publicly available the individual votes of each board member. Democrat: 100% (2) 100% Democrat support	Finance And Financial Sector Administrative Law And Regulatory Procedures Civil Actions And Liability Congressional Oversight Corporate Finance And Management Elections, Voting, Political Campaign Regulation Financial Services And Investments Government Information And Archives Government Studies And Investigations Securities
HB-4476	Federal	Financial Transparency Act of 2019 Democrat: 50% (1) Republican: 50% (1) 50% Democrat support 50% Republican support	Finance And Financial Sector Administrative Law And Regulatory Procedures Banking And Financial Institutions Regulation Commodities Markets Commodity Futures Trading Commission Congressional Oversight Consumer Financial Protection Bureau Corporate Finance And Management Department Of The Treasury Federal Deposit Insurance Corporation (fdic)
HB-4344	Federal	Investor Protection and Capital Markets Fairness Act This bill provides statutory authority for the Securities and Exchange Commission (SEC) to seek disgorgement (i.e., repayment) as a remedy for unjust enrichment gained through a securities law violation. It also allows the SEC to seek certain injunctive relief. Democrat: 50% (1) Republican: 50% (1) 50% Democrat support 50% Republican support	Finance And Financial Sector Administrative Remedies Civil Actions And Liability Federal District Courts Fraud Offenses And Financial Crimes Securities Securities And Exchange Commission (sec)
HB-4320	Federal	Corporate Management Accountability Act of 2019 This bill directs the Securities and Exchange Commission to promulgate final rules requiring certain issuers of securities to disclose whether the issuer has established procedures to recoup from compensation paid to its executive officers fines and penalties for illegal behavior. If the issuer has not established such procedures, it must explain why such procedures are not necessary for the benefit of its shareholders. Democrat: 100% (1) 100% Democrat support	Commerce Administrative Law And Regulatory Procedures Business Records Civil Actions And Liability Civil Actions And Liability Corporate Finance And Management Corporate Finance And Management Securities Securities And Exchange Commission (sec) Securities And Exchange Commission (sec)
HB-3886	Federal	Fostering Innovation Act of 2019 Democrat: 50% (1) Republican: 50% (1) 50% Democrat support 50% Republican support	Finance And Financial Sector Accounting And Auditing Administrative Law And Regulatory Procedures Business Investment And Capital Corporate Finance And Management Securities Securities And Exchange Commission (sec)
HB-3967	Federal	Municipal Bond Market Support Act of 2019 This bill amends the Internal Revenue Code, with respect to the limitations on deductions for interest expenses of financial institutions that hold tax-exempt bonds, to: permanently increase from $10 million to $30 million the annual limit on the amount of tax-exempt obligations that may be issued to qualify for the small issuer exception to the tax-exempt interest expense allocation rules; require the limit for the small issuer exception to be adjusted for inflation after 2019; make permanent the rule that allows qualified 501(c)(3) bonds to be treated is if they were issued by the tax-exempt organization for whose benefit the bond was issued; and make permanent the special rule for the tax treatment of qualified financings used to make or finance loans to certain states, political subdivisions, or tax-exempt organizations. Democrat: 60% (3) Republican: 40% (2) 60% Democrat support 40% Republican support	Taxation Income Tax Deductions Income Tax Exclusion Inflation And Prices Interest, Dividends, Interest Rates Securities State And Local Finance Tax-exempt Organizations
HB-3641	Federal	Stronger Enforcement of Civil Penalties Act of 2019 This bill increases civil and administrative monetary penalties for securities laws violations. The bill also adds a fourth tier of monetary penalties for violations by a person that, within the five-year period preceding the violation (1) was criminally convicted for securities fraud; or (2) became subject to a judgment or order imposing monetary, equitable, or administrative relief in a Securities and Exchange Commission (SEC) action alleging fraud. In addition, the bill expands penalties for violations of certain federal court injunctions or SEC orders. Democrat: 100% (1) 100% Democrat support	Finance And Financial Sector Administrative Remedies Civil Actions And Liability Financial Services And Investments Fraud Offenses And Financial Crimes Securities

Title: Securities Amendments

Session: Utah 2020 General Session

Number: HB-162

Subjects: Business, Securities

Republican: 100% (1)

Title: Insurer & Group Insurance Disclosure

Session: Alaska 31st Legislature

Number: HB-78

Subjects: Business, Contracts, Corporations, Disclosure, Insurance, Investments, Regulations, Securities

Title: Insurer & Group Insurance Disclosure

Session: Alaska 31st Legislature

Number: SB-72

Subjects: Business, Corporations, Disclosure, Insurance, Regulations, Securities

Title: Suspend Uniform Rules For Hb 78

Session: Alaska 31st Legislature

Number: SCR-6

Subjects: Business, Contracts, Corporations, Disclosure, Insurance, Investments, Regulations, Securities, Uniform Rules

Title: Real Property - Recordation of Deeds - Assignments of Rents and Assignments of Leases for Security Purposes

Session: Maryland 2020 Regular Session

Number: SB-154

Subjects: Real Property, Deeds, Leases And Rent, Records, Securities

Republican: 100% (1)

Title: Corporate Governance Reform and Transparency Act of 2019