Reward Work Act

This bill would bar public companies from buying back their own stock on a national securities exchange, and it would cancel the federal rule (Rule 10b-18) that currently sets conditions for such buybacks. Tender offers would not be affected by the buyback ban. The bill would also bar a company from registering securities on a national exchange unless at least one-third of its board of directors is chosen by its employees, with each employee getting one vote. The Securities and Exchange Commission, working with the National Labor Relations Board, would write rules for fair director elections and to put employee representatives on one-third of boards within 2 years of enactment.

Full text and official record on Congress.gov

Sponsors

• Jesús G. "Chuy" García Democrat sponsor
• 17 cosponsors