Government Related Securities Act of 1980
Latest action. Referred to Senate Committee on Banking, Housing and Urban Affairs.
Government-Related Securities Act of 1980 - Title I: Short Title and Relationship to Securities Exchange Act of 1934 - Establishes a means for regulating transactions in mortgage-backed securities which are guaranteed by the Government National Mortgage Association and mortgage-backed securities which are issued or guaranteed by the Federal Home Loan Mortgage Corporation. Establishes a Government-Related Securities Oversight Council (Council) and states the authority of the Council. Sets forth registration requirements for transactions effected by any government-related securities broker or dealer. Directs the Council to establish a Federal Mortgage-Backed Securities Rulemaking Board (FMSRB). Requires the FMSRB to propose and adopt rules to effect the purposes of this Act with respect to transactions in government-related securities. Specifies the minimum coverage of such rules, including operation of the FMSRB and establishment and enforcement of standards by which government-related securities brokers and dealers operate. Prohibits the FMSRB from requiring any issuer or guarantor of government- related securities to furnish documents or information regarding such issuer or guarantor which are not generally available from other sources. Directs the appropriate regulatory agency, registered securities association, or national securities exchange to report on any examination of government-related securities brokers or dealers conducted pursuant to this Act and to furnish the Securities and Exchange Commission or the Council, upon request, with a copy thereof and any related data. Requires all Government entities and those in which the United States has an interest and which are issuers or guarantors of government-related securities to facilitate the establishment of a comprehensive system for clearance and settlement of such securities. Sets forth procedures and requirements for registration of a government-related securities clearing agency. Prohibits a registered clearing agency from engaging in any activity in contravention of rules and regulations prescribed by the Council or by the appropriate regulatory agency. Requires the appropriate regulatory agency for a clearing agency to notify the Council of proceedings commenced against or examinations conducted of a clearing agency. States recordkeeping and reporting requirements of government-related securities brokers, dealers, and clearing agencies, including the filing of balance sheets and income statements by brokers and dealers. Requires, with specified exceptions, the approval of the Council for any proposed rule or proposed change in rules of the FMSRB or any government-related securities clearing agency to take effect. Authorizes the Council to modify the rules of such organization as it deems necessary. States the authority of the Council to make rules and regulations, including emergency authority of the Council. Directs the Council to report annually to the Congress, including the provision of a summary of its FMSRB oversight activities and an analysis of such organization's expenses, operations, and administration of the Freedom of Information Act. Provides for judicial review of final orders of the Council. Title II: Amends the Securities Exchange Act of 1934 to revise definitions to conform with this Act and to include, with respect to government-related securities, provisions for: (1) registration of exchanges, dealers, securities associations, and clearing agencies; (2) extension and maintenance of credit; (3) sanctions, investigations, and enforcement proceedings; (4) prohibited practices; (5) records and reports; and (6) authority of self-regulatory organizations. Title III: Amends the Securities Investor Protection Act of 1970 to include as members of the Securities Investor Protection Corporation all persons registered as brokers or dealers under this Act.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on December 9, 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 December 9, 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 December 9, 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 December 9, 1980, 16711 days ago. The most recent recorded action was 16711 days ago, on December 9, 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