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Thursday, March 22, 2012

Senate Passes Jobs Bill, Rejects Reed Amendment on 500 Shareholders

The Senate approved the ABA-supported jobs package (H.R. 3606) this afternoon, by a strong bi-partisan vote of 73-26. Passage of the bill quickly followed the Senate’s rejection, by voice vote, of the ABA-opposed Reed amendment on 500 shareholders. The amendment would have gutted the 500-shareholders provisions included in the legislation by changing the definition of the term “held of record” to include “beneficial owners.”

The Senate did make some changes to provisions in the House-passed bill unrelated to 500 shareholders, so H.R. 3606 will now go back to the House for further consideration.

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