ALIGN Act
- Last Action
- 3/14/2023
Actions
- 2023-03-14Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 2023-03-14Introduced in Senate
CRS Summary
As of 2023-03-14 (00)
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.
Cosponsors (2)
- Elizabeth Warren (D-MA)
- Tammy Baldwin (D-WI)
Sourced from Congress.gov (public domain).
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