PlainBillCongress, translated.Legislation. Context. Public interest.Congressional Research Service
Version 17 · Reported to House with amendment(s) · Nov 10, 1995
Philanthropy Protection Act of 1995 - Exempts from the jurisdiction of the Investment Company Act of 1940, the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Advisers Act of 1940 any security issued by or any interest or participation in any pooled income fund, collective trust fund, collective investment fund, or similar fund maintained by a charitable organization exclusively for the collective investment and reinvestment of certain assets. Includes among such assets those of: (1) a charitable remainder trust or of any other trust the remainder interests of which are irrevocably dedicated to any charitable organization; or (2) a trust the remainder interests of which are revocably dedicated to a charitable organization, subject to specified conditions. Deems such a charitable income fund, in specified circumstances, not to be an investment company under the Investment Company Act of 1940. Amends the Investment Company Act of 1940 to set forth disclosure requirements for exempt charitable organizations. Amends the Securities Exchange Act of 1934 to require solicitors of funds for such exempt charitable organizations to be volunteers or to be engaged in overall fund-raising activities of the organization but receiving no commission or other special compensation based on the amount of donations collected. Exempts such charitable organizations from State regulation in general, and such securities from State registration or qualification requirements in particular. Permits a State to enact a statute that specifically refers to this Act and provides prospectively that it does not preempt the laws of such State.
People & committees
Rep. Fields, Jack [R-TX-8] · R–TX
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Became Public Law No: 104-62.
Became Public Law No: 104-62.
Signed by President.
Signed by President.
Presented to President.
Presented to President.
Message on Senate action sent to the House.
Received in the Senate, read twice, considered, read the third time, and passed without amendment by Voice Vote. (consideration: CR S17828)
Passed/agreed to in Senate: Received in the Senate, read twice, considered, read the third time, and passed without amendment by Voice Vote.(consideration: CR S17828)
Motion to reconsider laid on the table Agreed to without objection.
On passage Passed by the Yeas and Nays: (3/5 required): 421 - 0 (Roll no. 822).
House roll call 822 · Individual votesPassed/agreed to in House: On passage Passed by the Yeas and Nays: (3/5 required): 421 - 0 (Roll no. 822).
House roll call 822 · Individual votesConsidered as unfinished business.
VOTE POSTPONED - At the conclusion of debate, the Chair put the question on passage of the bill, as amended, and announced that, by voice vote, three-fifths of the Members voting in the affirmative, the bill was passed. Mr. Markey objected to the vote on the grounds that a quroum was not present and made a point of order that a quorum was not present. The Chair postponed further consideration and without objection the point of no quorum was withdrawn.
The previous question was ordered on the amendment and the bill without objection.
DEBATE - The House proceeded with one hour of debate.
Considered from the Corrections Calendar. (consideration: CR H13670-13677, H13679-13680)
Called up from the Corrections Calendar for consideration.
Placed on the Corrections Calendar, Calendar No. 8.
Placed on the Union Calendar, Calendar No. 178.
Reported (Amended) by the Committee on Commerce. H. Rept. 104-333.
Reported (Amended) by the Committee on Commerce. H. Rept. 104-333.
Ordered to be Reported (Amended) by Voice Vote.
Committee Consideration and Mark-up Session Held.
Forwarded by Subcommittee to Full Committee by Voice Vote.
Subcommittee Consideration and Mark-up Session Held.
Subcommittee Hearings Held.
Referred to the Subcommittee on Telecommunications and Finance.
Referred to the House Committee on Commerce.
Sponsor introductory remarks on measure. (CR E2006-2007)
Introduced in House
Introduced in House
Primary sources
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Source last updated: Apr 7, 2025. Consult Congress.gov for the current record.
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