Federal RuleAug 21
62
DOL Rewrites Disability Rules for 'Merit-Based Opportunity' Push
RuleLabor DepartmentFederal Contract Compliance Programs OfficeSignificant Wallet
119-hr-8612119th CongressWALLET
Reward Work Act
Sponsored By: Representative García, Jesús G. "Chuy" [D-IL-4]
Introduced
Summary
Bans public-company stock buybacks on national securities exchanges. It would also require employees to elect one-third of a public company's board through one-employee-one-vote elections.
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 0 benefits, 0 costs, 2 mixed.
Ban on stock buybacks
If enacted, the bill would ban any issuer from buying its own shares on a national securities exchange. It would nullify 17 C.F.R. §240.10b-18 so the repurchase safe harbor no longer applies. Tender offers would still be allowed under existing rules. The SEC would be required to write rules telling exchanges and issuers to follow the ban.
Employees elect one-third of board
If enacted, the bill would bar an issuer from registering securities on a national exchange unless at least one-third of its directors are chosen by the company's employees in one-employee–one-vote elections. The bill would define "employee" to include workers covered by the National Labor Relations Act and those under the Railway Labor Act. The SEC, working with the NLRB, would be required to write rules to ensure fair elections and to make sure one-third of boards are employee representatives within two years.
Sponsors & CoSponsors
Sponsor
García, Jesús G. "Chuy" [D-IL-4]
IL • D
Cosponsors
Rep. Khanna, Ro [D-CA-17]
CA • D
Sponsored 4/30/2026
Rep. Hoyle, Val T. [D-OR-4]
OR • D
Sponsored 4/30/2026
Rep. Pocan, Mark [D-WI-2]
WI • D
Sponsored 5/11/2026
Rep. Casar, Greg [D-TX-35]
TX • D
Sponsored 5/11/2026
Del. Norton, Eleanor Holmes [D-DC-At Large]
DC • D
Sponsored 5/11/2026
Rep. Johnson, Henry C. "Hank" [D-GA-4]
GA • D
Sponsored 5/11/2026
Rep. Omar, Ilhan [D-MN-5]
MN • D
Sponsored 5/13/2026
Rep. Grijalva, Adelita S. [D-AZ-7]
AZ • D
Sponsored 5/14/2026
Rep. Watson Coleman, Bonnie [D-NJ-12]
NJ • D
Sponsored 5/19/2026
Rep. Tlaib, Rashida [D-MI-12]
MI • D
Sponsored 5/19/2026
Rep. Lee, Summer L. [D-PA-12]
PA • D
Sponsored 6/4/2026
Rep. Jayapal, Pramila [D-WA-7]
WA • D
Sponsored 6/4/2026
Rep. Ramirez, Delia C. [D-IL-3]
IL • D
Sponsored 6/9/2026
Rep. Davis, Danny K. [D-IL-7]
IL • D
Sponsored 6/9/2026
Rep. Schakowsky, Janice D. [D-IL-9]
IL • D
Sponsored 6/10/2026
Rep. McGovern, James P. [D-MA-2]
MA • D
Sponsored 6/10/2026
Rep. Carson, André [D-IN-7]
IN • D
Sponsored 6/29/2026
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov