Government Guaranteed Securities Acts Amendments of 1980
Latest action. Referred to Senate Committee on Banking, Housing and Urban Affairs.
Government-Guaranteed Securities Acts Amendments of 1980 - Amends the Securities and Exchange Act of 1934 to establish a means for regulating trading in securities which are guaranteed by the Government National Mortgage Association, issued or guaranteed by the Federal Home Loan Mortgage Corporation, or guaranteed as to principal or interest by any other instrumentality of the United States. Authorizes the Secretary of the Treasury, in consultation with the Securities and Exchange Commission (SEC), to include other securities in which the United States has an interest within the coverage of this Act as governmental-guaranteed securities. Requires any dealer in such securities (including an identifiable division of a bank) to register with the SEC in order to lawfully engage in interstate trading. Sets forth standards for granting, suspending, or revoking such registered status. Empowers the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Board of Directors of the Federal Deposit Insurance Corporation to impose sanctions on national banks, State member banks, and insured banks for unauthorized activities in the trading of public securities. Directs the SEC to promulgate rules to: (1) control fraudulent, manipulative, and deceptive practices with respect to transactions in government securities; and (2) provide for the maintenance of orderly markets and prompt settlement of transactions in such securities. Stipulates that such authority of the SEC does not affect the authority of the Board of Governors of the Federal Reserve System with respect to margin requirements. Directs the SEC to establish a seven-member Government Securities Rulemaking Board to promulgate rules governing transactions in government-guaranteed securities. Requires such rules to include regulations with respect to: (1) the qualifications of dealers; (2) procedures of the Board; (3) fraud and manipulative practices and principles of trade; (4) underwriting and selling practices including minimum profits, discounts and other fees; (5) procedures for arbitration of claims within the industry; (6) examination of dealers by the banking regulatory agencies and the National Association of Securities Dealers; (7) the form and content of quotations relating to government-guaranteed securities; (8) recordkeeping by brokers and dealers; and (9) the fees which must be paid by brokers and dealers to defray the expenses of the Board. Requires brokers, dealers, and clearing agencies to report to the Department of the Treasury, in accordance with its rules, on their activities concerning government-guaranteed securities. Sets forth provisions for examination, reporting, and enforcement of the Board's regulations by the SEC, the banking regulatory agencies, and the exchanges and other self-regulatory organizations. Requires the SEC to facilitate the establishment of a national system for the clearance and settlement of transactions involving government-guaranteed securities. Directs the Secretary of the Treasury, the Federal agencies regulating financial institutions, and other Federal instrumentalities which issue or guarantee securities to coordinate their efforts with the SEC in establishing such a system. Sets forth procedures for review by the SEC of regulations of the Board and other self-regulatory organizations with respect to government-guaranteed securities. Enumerates the powers of the SEC with respect to the enforcement of this Act and regulations promulgated thereunder. Requires specified reports to the Congress by the SEC and the other agencies regulating public securities dealers. Voids contracts entered into in violation of this Act or specified implementing regulations.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on April 1, 1980. 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 April 1, 1980: 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 96th Congress (1979-80), 613 of the 12,581 bills and joint resolutions introduced became law, about 4.9 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?
HARRISON WILLIAMS (D-NJ) introduced it on April 1, 1980. No cosponsors are recorded.
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 April 1, 1980, 16963 days ago. The most recent recorded action was 16963 days ago, on April 1, 1980.
Measures do not carry over. Anything the 96th Congress has not finished by January 3, 1981 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