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ARTICLE · 12 APRIL 2019

Buyback Debate Continues

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As we have previously blogged, a number of Congressmen have committed to introduce legislation that would limit or even prohibit the ability of a public company to repurchase its own stock.

United StatesCorporate/Commercial Law
Anna T. Pinedo
Anna T. Pinedo
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As we have previously blogged, a number of Congressmen have committed to introduce legislation that would limit or even prohibit the ability of a public company to repurchase its own stock. There is a Schumer-Sanders bill that would prohibit a public company from buying back its own stock unless the company has committed to, and provides, certain minimum wages, pension and health benefits to its employees. Senator Baldwin has introduced a bill that would require boards of public companies to certify that buybacks were in the best long-term interest of their companies. A bill co-sponsored by Senator Baldwin with Senator Warren would prohibit buybacks. Senator Van Hollen also proposed to sponsor legislation mandating that the Securities and Exchange Commission conduct a study relating to the safe harbor under Rule 10b5-1. In connection with that effort, Senator Van Hollen asked about concerns raised by SEC Commissioner Jackson originally in the summer of 2018 that claimed

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