PlainBillCongress, translated.Legislation. Context. Public interest.Became Public Law No: 105-353.
Congressional Research Service
Version 36 · Passed House amended · Jul 22, 1998
TABLE OF CONTENTS: Title I: Securities Litigation Uniform Standards Title II: Reauthorization of the Securities and Exchange Commission Title III: Clerical and Technical Amendments Securities Litigation Uniform Standards Act of 1998 - Title I: Securities Litigation Uniform Standards - Amends the Securities Act of 1933 and the Securities Exchange Act of 1934 to prohibit any private class action based upon State statutory or common law in State or Federal court by any private party alleging: (1) an untrue statement or omission in connection with the purchase or sale of a covered security; or (2) that the defendant used any manipulative or deceptive device in connection with such a transaction. (Sec. 101) Declares that any class action brought in any State court involving a covered security shall be removable to the Federal district court for the district in which the action is pending. Exempts from such prohibition certain class actions based upon statutory or common law of the State in which the issuer is either incorporated or organized. Declares that such a class action may be maintained in State or Federal court by a private party if it involves: (1) the purchase or sale of securities by the issuer (or an affiliate) exclusively from or to holders of the issuer's equity securities; or (2) any communication about such a sale made by or on behalf of the issuer (or an affiliate) to such equity security holders concerning their decisions with respect to voting their securities, acting in response to a tender or exchange offer, or exercising dissenters' or appraisal rights. Declares that nothing precludes a State, any political subdivision, or a State pension plan from bringing an action involving a covered security either on its own behalf, or as a member of a class composed solely of other States, political subdivisions, or State pension plans that are named plaintiffs and have authorized participation in such action. Permits a class action suit in State or Federal court to enforce a contractual agreement between an issuer and an indenture trustee to be maintained by a party to the agreement or a successor to such party. Requires the Federal court to remand an action to State court upon determining that such action may be maintained in State court. Retains the jurisdiction of a State securities commission to investigate and bring enforcement actions. Retains State court discretion to determine whether actions filed before should be joined, consolidated, or otherwise allowed to proceed as a single action. Authorizes the Federal court to stay private action discovery proceedings in State court in order to aid its jurisdiction or protect or effectuate its judgments if such discovery would be subject to a stay under this Act (thus precluding a private action to circumvent a Federal stay by proceeding in State court). (Sec. 102) Directs the Securities and Exchange Commission (SEC) to: (1) seek to encourage the adoption of State laws providing for reciprocal enforcement by State securities commissions of subpoenas issued by a sister State securities commission to compel attendance, testimony, or production of documentation in connection with an alleged violation of State securities laws; (2) submit a status report on such reciprocity to the Congress; and (3) include in certain annual reports the impact of the Federal preemption created by this Act upon the public interest and securities investors. Title II: Reauthorization of the Securities and Exchange Commission - Authorizes appropriations for the SEC for FY 1999. (Sec. 202) Amends the Securities Exchange Act of 1934 to repeal certification, filing, and reporting requirements governing the electronic data gathering, analysis, and retrieval system (EDGAR). Title III: Clerical and Technical Amendments - Makes technical and conforming amendments to laws affected by this Act. (Sec. 302) Amends the Securities Act of 1933 to provide that securities subject to certain State hearings are exempt from Federal registration requirements.
People & committees
Sen. Gramm, Phil [R-TX] · R–TX
Legislative record
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Became Public Law No: 105-353.
Became Public Law No: 105-353.
Signed by President.
Signed by President.
Presented to President.
Presented to President.
On motion to suspend the rules and agree to the conference report Agreed to by the Yeas and Nays: (2/3 required): 319 - 82, 1 Present (Roll No. 528). (consideration: CR H10801)
House roll call 528 · Individual votesMotions to reconsider laid on the table Agreed to without objection.
Conference report agreed to in House: On motion to suspend the rules and agree to the conference report Agreed to by the Yeas and Nays: (2/3 required): 319 - 82, 1 Present (Roll No. 528).(consideration: CR H10801)
House roll call 528 · Individual votesThe House proceeded to consider the conference report H.Rept. 105-803 as unfinished business. (consideration: CR H10771-10787, H10800-10801)
At the conclusion of debate the Chair put the question on agreeing to the conference report by voice vote and announced that the ayes had prevailed. Mr. Dingell objected to the voice vote pending the absence of a quorum. Further proceedings were postponed. The point of no quorum was considered as withdrawn.
CORRECTION OF MANAGERS STATEMENT - Mr. Bliley asked unanimous consent that the Statement of Managers contained in the House version of the conference report be corrected to reflect the Statement of Managers contained in the Senate version. Agreed to without objection.
DEBATE - The House proceeded with forty minutes of debate.
Mr. Bliley moved to suspend the rules and agree to the conference report, H. Rept. 105-803. (consideration: CR S12444-12450)
Message on Senate action sent to the House.
Senate agreed to conference report by Unanimous Consent.
Conference report agreed to in Senate: Senate agreed to conference report by Unanimous Consent.
Conference report H. Rept. 105-803 filed. (complete text of conference report: CR 10/13/1998 H10771-10776)
Conference report filed: Conference report H. Rept. 105-803 filed.(complete text of conference report: CR 10/13/1998 H10771-10776)
Conference papers: Senate report and managers' statement and official papers held at the desk in Senate.
Conferees agreed to file conference report. (text of conference report missing one page of Statement of Managers: CR H10266-10270; conference report subsequently reprinted)
Conference committee actions: Conferees agreed to file conference report.(text of conference report missing one page of Statement of Managers: CR H10266-10270; conference report subsequently reprinted)
The Speaker appointed conferees: Bliley, Oxley, Tauzin, Cox, White, Dingell, Stupak, and Eshoo.
Motion to reconsider laid on the table Agreed to without objection.
On motion that the House insist upon its amendment, and agree to a conference Agreed to without objection.
Mr. Oxley asked unanimous consent that the House insist upon its amendment, and agree to a conference. (consideration: CR H7888)
Message on Senate action sent to the House.
Senate disagreed to House amendment requested conference and appointed conferees. D'Amato; Gramm; Shelby; Sarbanes; Dodd. (consideration: CR S9318)
Message on House action received in Senate and at desk: House amendment to Senate bill.
A similar measure H.R. 1689 was laid on the table without objection.
Motion to reconsider laid on the table Agreed to without objection.
On passage Passed without objection.
Passed/agreed to in House: On passage Passed without objection.
The House struck all after the enacting clause and inserted in lieu thereof the provisions of a similar measure H.R. 1689. Agreed to without objection.
Considered by unanimous consent. (consideration: CR H6120-6121)
Mr. Bliley asked unanimous consent to take from the Speaker's table and consider.
Held at the desk.
Message on Senate action sent to the House.
Received in the House.
Passed Senate with an amendment by Yea-Nay Vote. 79-21. Record Vote No: 135.
Senate roll call 135 · Individual votesPassed/agreed to in Senate: Passed Senate with an amendment by Yea-Nay Vote. 79-21. Record Vote No: 135.
Senate roll call 135 · Individual votesThe committee substitute as amended agreed to by Voice Vote.
Measure laid before Senate by unanimous consent. (consideration: CR S4778-4816)
Placed on Senate Legislative Calendar under General Orders. Calendar No. 355.
Committee on Banking. Reported to Senate by Senator D'Amato with an amendment in the nature of a substitute. With written report No. 105-182. Additional views filed.
Committee on Banking. Reported to Senate by Senator D'Amato with an amendment in the nature of a substitute. With written report No. 105-182. Additional views filed.
Committee on Banking. Ordered to be reported with an amendment in the nature of a substitute favorably.
Subcommittee on Securities. Hearings held. Hearings printed: S.Hrg. 105-897.
Subcommittee on Securities. Hearings held. Hearings printed: S.Hrg. 105-420.
Read twice and referred to the Committee on Banking.
Sponsor introductory remarks on measure. (CR S10475)
Introduced in Senate
Primary sources
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Source last updated: Apr 7, 2025. Consult Congress.gov for the current record.
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