S. 790 · 118th Congress
ALIGN Act
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
WarnerSponsor2 cosponsors · 2 D
2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Advancing Long-term Incentives for Governance Now Act or the ALIGN Act
What it does: CRS summary · Introduced in Senate · Mar 14, 2023
Advancing Long-term Incentives for Governance Now Act or the ALIGN Act
This bill establishes requirements for share repurchase authorizations (i.e., stock buybacks) and stock-based compensation.
Specifically, issuers of securities are required to disclose a stock buyback within one business day of the authorization by the board of directors.
Further, executive officers of an issuer are prohibited from selling, transferring, or divesting from a security that is part of that officer's compensation within (1) one year of a buyback, or (2) three years of being granted such a security. The bill establishes exceptions to this prohibition, including by allowing transfers occurring in connection with a change of control of the company or pursuant to a will.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: ALIGN Act
Also known as: Advancing Long-term Incentives for Governance Now Act
Latest action (Mar 14, 2023): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Mar 14, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.