Key Votes

S 1260 - Securities Litigation - Key Vote

National Key Votes

Newt Gingrich Did Not Vote on this Legislation.

Read statements Newt Gingrich made in this general time period.

Stages

Family

Issues

Stage Details

Legislation - Signed (Executive) - Became Public Law No. 105-353 -
Legislation - Conference Report Adopted (Senate) -
Note:

NOTE: THIS VOTE PASSED BY UNANIMOUS CONSENT, MEANING NO MEMBER OBJECTED TO THE PASSAGE OF THE VOTE. THIS DOES NOT NECESSARILY INDICATE THAT ALL MEMBERS FAVORED THE VOTE'S OUTCOME.

Legislation - Conference Report Adopted (House) (319-82) - (Key vote)

Title: Securities Litigation

Vote Smart's Synopsis:

Vote to adopt a conference report requiring securities class action lawsuits involving more than fifty parties to be filed in a federal district court.

Highlights:
  • States that any class action suit brought in a state court involving a covered security shall be subject to removal to the applicable federal district court.
  • Notes that the securities commission or similar agency of any state shall retain the power to investigate and bring enforcement actions.
  • Stipulates that all covered class action suits brought by parties alleging fraud in securities transactions are governed by the relevant federal statutes, which supercede similar state and local laws.
  • Retains the discretion of state courts to determine whether actions should be filed jointly or consolidated.
  • Amends the Securities Exchange Act of 1934 to rescind the certification, filing, and reporting requirements for the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR).
  • Amends the Securities Act of 1933 to exempt certain state securities hearings from federal registration requirements.
Note:

NOTE: THIS VOTE WAS TAKEN UNDER A SUSPENSION OF THE RULES TO CUT OFF DEBATE EARLY AND VOTE TO PASS THE BILL, THEREBY REQUIRING A TWO-THIRDS MAJORITY FOR PASSAGE.

Legislation - Bill Passed With Amendment (House) -
Note:

NOTE: THIS VOTE PASSED BY UNANIMOUS CONSENT, MEANING NO MEMBER OBJECTED TO THE PASSAGE OF THE VOTE. THIS DOES NOT NECESSARILY INDICATE THAT ALL MEMBERS FAVORED THE VOTE'S OUTCOME.

Legislation - Bill Passed With Amendment (Senate) (79-21) - (Key vote)

Title: Securities Litigation

Vote Smart's Synopsis:

Vote to pass a bill requiring securities class action lawsuits involving more than fifty parties, to be filed in a federal district court.

Highlights:
  • States that any class action suit brought in a state court involving a covered security shall be subject to removal to the applicable federal district court.
  • Notes that the securities commission or similar agency of any State shall retain the power to investigate and bring enforcement actions under the laws of that state.
  • Stipulates that all covered class action suits brought by parties alleging fraud in securities transactions are governed by the relevant federal statutes, which supercede similar state and local laws.
Legislation - Introduced (Senate) -

Title: Securities Litigation

Sponsors

  • William Phillip 'Phil' Gramm (TX - ) (Out Of Office)

Co-sponsors

  • Edmond Spencer Abraham (MI - ) (Out Of Office)
  • Wayne A. Allard (CO - R) (Out Of Office)
  • John D. Ashcroft (MO - ) (Out Of Office)
  • Robert F. 'Bob' Bennett (UT - R) (Out Of Office)
  • Christopher S. 'Kit' Bond (MO - R) (Out Of Office)
  • Samuel D. 'Sam' Brownback (KS - R) (Out Of Office)
  • Paul D. Coverdell (GA - R) (Out Of Office)
  • Michael 'Mike' DeWine (OH - R) (Out Of Office)
  • Christopher J. 'Chris' Dodd (CT - D) (Out Of Office)
  • Pete V. Domenici Jr. (NM - R) (Out Of Office)
  • Duncan McLauchlin 'Lauch' Faircloth (NC - R) (Out Of Office)
  • Wendell H. Ford (KY - D) (Out Of Office)
  • William H. 'Bill' Frist (TN - R) (Out Of Office)
  • Slade Gorton (WA - R) (Out Of Office)
  • Rodney 'Rod' Grams (MN - R) (Out Of Office)
  • Charles T. 'Chuck' Hagel (NE - R) (Out Of Office)
  • Jesse Helms (NC - R) (Out Of Office)
  • Y. Tim Hutchinson (AR - R) (Out Of Office)
  • Kay Bailey Hutchison (TX - R) (Out Of Office)
  • John Forbes Kerry (MA - D) (Out Of Office)
  • Jon Kyl (AZ - R) (Out Of Office)
  • Joseph I. 'Joe' Lieberman (CT - I) (Out Of Office)
  • Richard G. 'Dick' Lugar (IN - R) (Out Of Office)
  • Connie Mack (FL - R) (Out Of Office)
  • Carol Elizabeth Moseley Braun (IL - ) (Out Of Office)
  • Don Nickles (OK - ) (Out Of Office)
  • Charles S. Robb (VA - D) (Out Of Office)
  • Richard J. 'Rick' Santorum (PA - R) (Out Of Office)
  • Gordon Harold Smith (OR - R) (Out Of Office)
  • Strom Thurmond (SC - R) (Out Of Office)
  • John William Warner (VA - R) (Out Of Office)