To amend the Trust Indenture Act of 1939 to require that indentures prohibit corporate acquisitions or reorganizations unless the successor corporation assumes the responsibility to make payments under the indenture.

Referred to the Subcommittee on Telecommunications and Finance.

Congressional Research Service

Official summary

Version 00 · Introduced in House · Mar 9, 1993

Amends the Trust Indenture Act of 1939 to prohibit certain corporate mergers, consolidations, conveyances, or transfer transactions by the issuer of federally registered debt securities in which the assets available to the issuer are reduced, unless the successor entity expressly assumes, by a supplement to the original trust indenture, the payment of interest and principal of all the securities involved and the performance of every covenant of the predecessor's indenture. Declares that subsequent to such transactions: (1) the successor corporation shall succeed to, and exercise every right and power of, the original issue under the indenture; and (2) neither the predecessor corporation, nor its successor, shall be released from its liabilities as obligor or maker on its respective securities.

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People & committees

Who introduced it

Rep. Kleczka, Gerald D. [D-WI-4] · D–WI

Committees

Energy and Commerce Committee

2 cosponsorship records, including any withdrawals

Legislative record

Actions

A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.

Mar 22, 1993
Referred to the Subcommittee on Telecommunications and Finance.
Mar 9, 1993
Referred to the House Committee on Energy and Commerce.
Mar 9, 1993
Sponsor introductory remarks on measure. (CR E555)
Mar 9, 1993
Introduced in House
Mar 9, 1993
Introduced in House

Primary sources

Bill text & related measures

Text links open the official source. We currently store references to these documents.

Introduced in House · Mar 9, 1993 Formatted Text PDF

Related bills identified by Congress.gov

No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.

Source last updated: Jan 2, 2025. Consult Congress.gov for the current record.

AI Conversation Starters

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Neutral evidence review

Objective

Analyze H.R.1258 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

View full prompt & sources

Discuss H.R.1258, 103rd Congress: To amend the Trust Indenture Act of 1939 to require that indentures prohibit corporate acquisitions or reorganizations unless the successor corporation assumes the responsibility to make payments under the indenture.

Official record: https://www.congress.gov/bill/103rd-congress/house-bill/1258

Text version to examine: Introduced in House · 1993-03-09.

Official full text: https://www.congress.gov/103/bills/hr1258/BILLS-103hr1258ih.htm

Imported record last updated by the source: 2025-01-02T17:23:43Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Analyze H.R.1258 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

Fairness and public impact

Progressive lens

Examine H.R.1258 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

View full prompt & sources

Discuss H.R.1258, 103rd Congress: To amend the Trust Indenture Act of 1939 to require that indentures prohibit corporate acquisitions or reorganizations unless the successor corporation assumes the responsibility to make payments under the indenture.

Official record: https://www.congress.gov/bill/103rd-congress/house-bill/1258

Text version to examine: Introduced in House · 1993-03-09.

Official full text: https://www.congress.gov/103/bills/hr1258/BILLS-103hr1258ih.htm

Imported record last updated by the source: 2025-01-02T17:23:43Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.1258 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

Institutions and government scope

Conservative lens

Examine H.R.1258 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

View full prompt & sources

Discuss H.R.1258, 103rd Congress: To amend the Trust Indenture Act of 1939 to require that indentures prohibit corporate acquisitions or reorganizations unless the successor corporation assumes the responsibility to make payments under the indenture.

Official record: https://www.congress.gov/bill/103rd-congress/house-bill/1258

Text version to examine: Introduced in House · 1993-03-09.

Official full text: https://www.congress.gov/103/bills/hr1258/BILLS-103hr1258ih.htm

Imported record last updated by the source: 2025-01-02T17:23:43Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.1258 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

Individual rights and government power

Liberty lens

Examine H.R.1258 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.

View full prompt & sources

Discuss H.R.1258, 103rd Congress: To amend the Trust Indenture Act of 1939 to require that indentures prohibit corporate acquisitions or reorganizations unless the successor corporation assumes the responsibility to make payments under the indenture.

Official record: https://www.congress.gov/bill/103rd-congress/house-bill/1258

Text version to examine: Introduced in House · 1993-03-09.

Official full text: https://www.congress.gov/103/bills/hr1258/BILLS-103hr1258ih.htm

Imported record last updated by the source: 2025-01-02T17:23:43Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.1258 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.