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H.R.4083 / 107th Congress

Corporate Responsibility Act of 2002

Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.

Official summary

Version 00 · Introduced in House · Apr 9, 2002

Corporate Responsibility Act of 2002 - Instructs the Securities and Exchange Commission (SEC) to require disgorgement of salaries, commissions, fees, bonuses, options, profits, and losses avoided through securities transactions obtained by an officer or director of an issuer during a reporting period when such officer or director engaged in misconduct resulting in the filing of a false or materially misleading financial statement.Requires the principal executive officer or officers and the principal financial officer or officers to certify in each annual or quarterly report filed or submitted that: (1) the signing officer has reviewed the report and that it does not contain untrue statements of a material fact or omit a material fact; (2) such report fairly presents the financial condition and results of operation in all material respects; (3) the signing officers have established and maintained effective internal controls and disclosed to the auditors and the audit committee of the board of directors any significant deficiencies in such controls which could adversely affect financial data and any fraud, whether or not material; and (4) there were or were not changes in internal controls or other factors that could significantly affect such controls subsequent to their evaluation.Amends the Securities Act of 1933 and the Securities Exchange Act of 1934 to establish a standard of unfitness (as opposed to the current "substantial unfitness") for removal of corporate officers in a judicial, administrative, or cease-and-desist proceeding.Authorizes the SEC, in a cease-and-desist proceeding, to prohibit those who used manipulative and deceptive devices in the purchase, sale, or swap of securities from serving as officers as directors.

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Who introduced it

Rep. LaFalce, John J. [D-NY-29] · D–NY

Committees

  • Financial Services Committee
14 cosponsorship records, including any withdrawals

Actions

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

  1. Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.

  2. Referred to the House Committee on Financial Services.

  3. Sponsor introductory remarks on measure. (CR E460)

  4. Introduced in House

  5. Introduced in House

Bill text & related measures

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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: Aug 19, 2025. Consult Congress.gov for the current record.

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Neutral evidence review

Objective

Analyze H.R.4083 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.

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Fairness and public impact

Progressive lens

Examine H.R.4083 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.

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Institutions and government scope

Conservative lens

Examine H.R.4083 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.

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Individual rights and government power

Liberty lens

Examine H.R.4083 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.

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