Oil and Gas Investment Act
Latest action. Referred to Senate Committee on Banking, Housing and Urban Affairs.
Oil and Gas Investment Act - Presents the finding of the Congress that oil programs are affected with a national public interest and the interest of investors are adversely affected when oil programs are managed by irresponsible persons and when the control of oil programs is unduly concentrated through pyramiding or inequitable methods of control. Divides oil programs as classified for purposes of this Act as repurchase and nonrepurchase programs, and as diversified and nondiversified programs. Authorizes the Securities and Exchange Commission to conditionally or unconditionally exempt any person, security or oil or gas interest or transaction from any provision of this Act. Provides that no oil program organized under the laws of the United States or of a State, unless registered under this Act, shall purchase or offer for sale, sell or deliver after sale any security having reason to believe that such security or interest will be made the subject of a public offering by use of the mails or any means of interstate commerce. Provides for the registration of oil programs with the Commission. Makes specified classes of persons ineligible for service in the capacity of employee, officer, director, manager or principal underwriter or any oil program registered under this Act. Sets forth restrictions upon the functions and activities of oil programs. Requires oil programs annually to file reports with the Commission in such form and containing such information as the Commission shall prescribe. Authorizes the Commission to make studies and investigations of oil programs in implementing the provisions of this Act. Provides that any person who willfully violates any provision of this Act shall upon conviction be fined not more than $10,000 or imprisoned not more than two years, or both.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on February 28, 1973. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on February 28, 1973: Referred to Senate Committee on Banking, Housing and Urban Affairs.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the Senate
- Passage by the House
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 93rd Congress (1973-74), 651 of the 23,396 bills and joint resolutions introduced became law, about 2.8 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
THOMAS MCINTYRE (D-NH) introduced it on February 28, 1973, and 1 member has since signed on as a cosponsor.
They are 1 Democrat.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on February 28, 1973, 19552 days ago. The most recent recorded action was 19552 days ago, on February 28, 1973.
Measures do not carry over. Anything the 93rd Congress has not finished by January 3, 1975 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- SenateIn committee, no floor vote yet
- HouseAwaits Senate passage
- PresidentAwaits both chambers