Securities Litigation Uniform Standards Act of 1998
Public Law 105-353 · S. 1260 · 105th Congress · began in the Senate
Signed by Bill Clinton (D) on Nov 3, 1998 · Finance and Financial Sector
Sponsor: Sen. Phil Gramm (R-TX)
Cosponsors (42): Sen. Christopher Dodd, Sen. Pete Domenici,
Passage votesYeaNay
- HouseRecorded vote: 319 yea, 82 nay319–82
- SenateUnanimous consent
Data notes
The final version of the law, as each chamber passed it. A chamber that passed it by voice vote or unanimous consent has no count. “Method not stated” means the record does not say how the chamber voted. Where the record has a member-by-member vote, the “Who voted for it” section shows who voted yea.
Summary
The Congressional Research Service’s plain-language summary of what the law does.
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; and (2) submit a status report on such reciprocity to the Congress.
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).
Authorizes the SEC to: (1) establish its own criteria for the selection of its professional economists; (2) appoint such economists directly; and (3) determine their compensation without regard to specified law. Sets forth compensation limits.
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.
Who voted for it
Every House member of the 105th Congress on the ideology compass. Highlighted: the 319 who voted yea on final passage. Faded: everyone else, including those who voted nay, did not vote, or had not yet taken office.
319 yea82 nay33 present or did not vote
Democrats who voted yea(106)
Rep. George MillerD-CA-7
Rep. Nydia VelázquezD-NY-12- Rep. Elizabeth FurseD-OR-1
Rep. Nancy PelosiD-CA-8
Rep. Barney FrankD-MA-4
Rep. Ed TownsD-NY-10- Rep. Bruce VentoD-MN-4
Rep. Bobby RushD-IL-1
Rep. Louise SlaughterD-NY-28
Rep. Michael McNultyD-NY-21- Rep. Martin SaboD-MN-5
Rep. Sherrod BrownD-OH-13
Rep. Rosa DeLauroD-CT-3- Rep. Victor FazioD-CA-3
Rep. Jim McGovernD-MA-3
Rep. Frank PalloneD-NJ-6
Rep. William JeffersonD-LA-2- Rep. Sam GejdensonD-CT-2
Rep. Sam FarrD-CA-17- Rep. Marty MeehanD-MA-5
Rep. Patrick KennedyD-RI-1
Rep. Sheila Jackson LeeD-TX-18- Rep. Thomas BarrettD-WI-5
- Rep. Harold FordD-TN-9
Rep. Anna EshooD-CA-14- Rep. John LaFalceD-NY-29
- Rep. Matthew MartínezD-CA-31
- Rep. Joseph KennedyD-MA-8
- Rep. John MoakleyD-MA-9
Rep. Richard NealD-MA-2
Rep. Carolyn MaloneyD-NY-14
Rep. Tom AllenD-ME-1
Rep. Zoe LofgrenD-CA-16- Rep. Tom LantosD-CA-12
Rep. Earl BlumenauerD-OR-3- Rep. Henry GonzálezD-TX-20
- Rep. Thomas SawyerD-OH-14
Rep. Rob AndrewsD-NJ-1- Rep. Albert WynnD-MD-4
Rep. Ciro RodriguezD-TX-28- Rep. Robert MatsuiD-CA-5
Rep. Steny HoyerD-MD-5
Rep. Rubén HinojosaD-TX-15- Rep. Karen McCarthyD-MO-5
Rep. Loretta SanchezD-CA-46- Rep. Robert WeygandD-RI-2
- Rep. Ted StricklandD-OH-6
- Rep. Jay JohnsonD-WI-8
Rep. Silvestre ReyesD-TX-16
Rep. Darlene HooleyD-OR-5
Rep. Debbie StabenowD-MI-8
Rep. Bill PascrellD-NJ-8
Rep. Gene GreenD-TX-29
Rep. Lois CappsD-CA-22- Rep. Thomas MantonD-NY-7
Rep. Ron KindD-WI-3
Rep. Benjamin CardinD-MD-3- Rep. Jim DavisD-FL-11
Rep. Steven RothmanD-NJ-9
Rep. Marion BerryD-AR-1- Rep. William LutherD-MN-6
Rep. David PriceD-NC-4
Rep. Norm DicksD-WA-6- Rep. Ken BentsenD-TX-25
Rep. Chet EdwardsD-TX-11
Rep. Adam SmithD-WA-9
Rep. Bob EtheridgeD-NC-2
Rep. Ellen TauscherD-CA-10
Rep. Vic SnyderD-AR-2- Rep. Jerry KleczkaD-WI-4
Rep. Earl PomeroyD-ND
Rep. Jim MoranD-VA-8
Rep. Carolyn McCarthyD-NY-4- Rep. James MaloneyD-CT-5
Rep. Sanford BishopD-GA-2- Rep. David MingeD-MN-2
Rep. Brad ShermanD-CA-24- Rep. Frank MascaraD-PA-20
- Rep. Paul McHaleD-PA-15
- Rep. Cal DooleyD-CA-20
- Rep. Max SandlinD-TX-1
- Rep. Robert ClementD-TN-5
Rep. Solomon OrtizD-TX-27
Rep. Michael DoyleD-PA-18
Rep. Tim HoldenD-PA-6- Rep. Lee HamiltonD-IN-9
Rep. Bart GordonD-TN-6- Rep. James BarciaD-MI-5
Rep. Leonard BoswellD-IA-3
Rep. John TannerD-TN-8- Rep. Owen PickettD-VA-2
Rep. Ike SkeltonD-MO-4
Rep. Allen BoydD-FL-2- Rep. Timothy RoemerD-IN-3
- Rep. Jim TurnerD-TX-2
- Rep. Scotty BaeslerD-KY-6
- Rep. Norman SisiskyD-VA-4
- Rep. Gary ConditD-CA-18
- Rep. Pat DannerD-MO-6
Rep. Collin PetersonD-MN-7- Rep. Chris JohnD-LA-7
Rep. Mike McIntyreD-NC-7
Rep. Bud CramerD-AL-5- Rep. Charlie StenholmD-TX-17
- Rep. James TraficantD-OH-17
Rep. Ralph HallD-TX-4
Republicans who voted yea(213)
- Rep. Constance MorellaR-MD-8
- Rep. Michael ForbesR-NY-1
- Rep. Nancy JohnsonR-CT-6
- Rep. Sherry BoehlertR-NY-23
- Rep. Jim LeachR-IA-1
- Rep. Benjamin GilmanR-NY-20
- Rep. Amo HoughtonR-NY-31
Rep. Christopher ShaysR-CT-4
Rep. Michael CastleR-DE- Rep. Jack QuinnR-NY-30
- Rep. Marge RoukemaR-NJ-5
- Rep. Stephen HornR-CA-38
Rep. John McHughR-NY-24
Rep. Jim WalshR-NY-25
Rep. Pete KingR-NY-3- Rep. Sue KellyR-NY-19
- Rep. Rick LazioR-NY-2
Rep. Lincoln Diaz-BalartR-FL-21
Rep. Steven LaTouretteR-OH-19
Rep. Wayne GilchrestR-MD-1
Rep. Chris SmithR-NJ-4- Rep. Jon FoxR-PA-13
Rep. Jim SaxtonR-NJ-3
Rep. Tom DavisR-VA-11- Rep. Doug BereuterR-NE-1
- Rep. John PorterR-IL-10
- Rep. Curt WeldonR-PA-7
- Rep. Jim GreenwoodR-PA-8
Rep. Ileana Ros-LehtinenR-FL-18- Rep. Bob FranksR-NJ-7
Rep. Frank LoBiondoR-NJ-2
Rep. Ray LaHoodR-IL-18
Rep. Ralph RegulaR-OH-16- Rep. Bob NeyR-OH-18
Rep. Rodney FrelinghuysenR-NJ-11
Rep. Jerry LewisR-CA-40
Rep. Phil EnglishR-PA-21- Rep. Herbert BatemanR-VA-1
- Rep. Joseph SkeenR-NM-2
Rep. Jim RamstadR-MN-3- Rep. Greg GanskeR-IA-4
- Rep. Bill BarrettR-NE-3
- Rep. Jay KimR-CA-41
- Rep. Michael OxleyR-OH-4
- Rep. Linda SmithR-WA-3
Rep. Brian BilbrayR-CA-49- Rep. William RedmondR-NM-3
Rep. W. Bill YoungR-FL-10
Rep. Jerry WellerR-IL-11
Rep. Heather WilsonR-NM-1- Rep. Clay ShawR-FL-22
Rep. Frank WolfR-VA-10
Rep. Hal RogersR-KY-5- Rep. Harris FawellR-IL-13
Rep. Elton GalleglyR-CA-23- Rep. Thomas EwingR-IL-15
- Rep. Anne NorthupR-KY-3
Rep. Don YoungR-AK- Rep. Tom CampbellR-CA-15
Rep. John ShimkusR-IL-20
Rep. Vernon EhlersR-MI-3- Rep. Billy TauzinR-LA-3
- Rep. Jack MetcalfR-WA-2
- Rep. Jim KolbeR-AZ-5
Rep. Fred UptonR-MI-6- Rep. Mike ParkerR-MS-4
- Rep. Paul GillmorR-OH-5
Rep. Joe KnollenbergR-MI-11
Rep. Tom LathamR-IA-5- Rep. Bill ThomasR-CA-21
- Rep. George GekasR-PA-17
Rep. Jim BunningR-KY-4- Rep. Henry HydeR-IL-6
Rep. Ed WhitfieldR-KY-1
Rep. Kay GrangerR-TX-12
Rep. Ken CalvertR-CA-43- Rep. Ron PackardR-CA-48
- Rep. Merrill CookR-UT-2
Rep. Jo Ann EmersonI-MO-8- Rep. Bill JenkinsR-TN-1
Rep. Charlie BassR-NH-2- Rep. Asa HutchinsonR-AR-3
- Rep. Rick WhiteR-WA-1
- Rep. H. CallahanR-AL-1
Rep. Lamar SmithR-TX-21- Rep. Michael PappasR-NJ-12
Rep. Spencer BachusR-AL-6- Rep. Henry BonillaR-TX-23
- Rep. Wes WatkinsR-OK-3
- Rep. Mark FoleyR-FL-16
- Rep. Michael BilirakisR-FL-9
- Rep. Richard BakerR-LA-6
Rep. Dave HobsonR-OH-7- Rep. Scott KlugR-WI-2
Rep. John ThuneR-SD
Rep. Steve BuyerR-IN-5- Rep. Frank RiggsR-CA-1
Rep. John PetersonR-PA-5
Rep. Roger WickerR-MS-1- Rep. Tom BlileyR-VA-7
- Rep. Charles CanadyR-FL-12
- Rep. Jim NussleR-IA-2
Rep. Saxby ChamblissR-GA-8- Rep. Edward PeaseR-IN-7
- Rep. Jay DickeyR-AR-4
Rep. Rob PortmanR-OH-2- Rep. Floyd SpenceR-SC-2
Rep. Dave CampR-MI-4- Rep. Tillie FowlerR-FL-4
Rep. Chip PickeringR-MS-3
Rep. Mary Bono MackR-CA-44
Rep. John MicaR-FL-7- Rep. Rick HillR-MT
- Rep. Scott McInnisR-CO-3
- Rep. George NethercuttR-WA-5
Rep. Kenny HulshofR-MO-9- Rep. William GoodlingR-PA-19
Rep. Robert AderholtR-AL-4- Rep. Bud ShusterR-PA-9
- Rep. Duke CunninghamR-CA-51
- Rep. Robert EhrlichR-MD-2
Rep. Bob GoodlatteR-VA-6
Rep. Frank LucasR-OK-6
Rep. Mike CrapoR-ID-2
Rep. Terry EverettR-AL-2
Rep. Ron LewisR-KY-2- Rep. Jennifer DunnR-WA-8
Rep. John BoehnerR-OH-8- Rep. Denny HastertR-IL-14
Rep. David DreierR-CA-28- Rep. James HansenR-UT-1
Rep. Jerry MoranR-KS-1- Rep. Cass BallengerR-NC-10
- Rep. Gil GutknechtR-MN-1
Rep. Buck McKeonR-CA-25
Rep. Richard BurrR-NC-5
Rep. Joseph PittsR-PA-16- Rep. Bob RileyR-AL-3
Rep. John LinderR-GA-11- Rep. J.C. WattsR-OK-4
Rep. Roy BluntR-MO-7- Rep. Charles TaylorR-NC-11
Rep. Vito FossellaR-NY-13- Rep. Porter GossR-FL-14
- Rep. John KasichR-OH-12
- Rep. Larry CombestR-TX-19
- Rep. Nick SmithR-MI-7
- Rep. Ed BryantR-TN-7
Rep. Doc HastingsR-WA-4
Rep. Kevin BradyR-TX-8- Rep. Dan MillerR-FL-13
- Rep. Dan SchaeferR-CO-6
Rep. Dave WeldonR-FL-15- Rep. Jim TalentR-MO-2
Rep. Tom PetriR-WI-6
Rep. Dan BurtonR-IN-6
Rep. Duncan HunterR-CA-52
Rep. John SununuR-NH-1- Rep. Jon ChristensenR-NE-2
- Rep. Bill ArcherR-TX-7
- Rep. James RoganR-CA-27
- Rep. William PaxonR-NY-27
Rep. Zach WampR-TN-3- Rep. Jim GibbonsR-NV-2
- Rep. Charlie NorwoodR-GA-10
- Rep. Gerald SolomonR-NY-22
- Rep. J.D. HayworthR-AZ-6
- Rep. Richard ArmeyR-TX-26
Rep. Mac ThornberryR-TX-13- Rep. Vincent SnowbargerR-KS-3
Rep. Jack KingstonR-GA-1
Rep. Mac CollinsR-GA-3- Rep. Jim RyunR-KS-2
Rep. Barbara CubinR-WY
Rep. Sue MyrickR-NC-9
Rep. Nathan DealR-GA-9
Rep. George RadanovichR-CA-19
Rep. Jimmy DuncanR-TN-2- Rep. Tom DeLayR-TX-22
- Rep. Ernest IstookR-OK-5
Rep. Joe BartonR-TX-6
Rep. Donald ManzulloR-IL-16
Rep. Pete HoekstraR-MI-2
Rep. Steve ChabotR-OH-1
Rep. Chris CannonR-UT-3- Rep. Christopher CoxR-CA-47
Rep. Wally HergerR-CA-2
Rep. Roscoe BartlettR-MD-6
Rep. Todd TiahrtR-KS-4
Rep. Pete SessionsR-TX-5
Rep. Walter JonesR-NC-3
Rep. John DoolittleR-CA-4
Rep. Howard CobleR-NC-6- Rep. Richard PomboR-CA-11
Rep. Cliff StearnsR-FL-6- Rep. Mark NeumannR-WI-1
- Rep. Joel HefleyR-CO-5
- Rep. David McIntoshR-IN-2
- Rep. Van HillearyR-TN-4
- Rep. John HostettlerR-IN-8
- Rep. Helen Chenoweth-HageR-ID-1
- Rep. Robert StumpR-AZ-3
Rep. John EnsignR-NV-1- Rep. Bob BarrR-GA-7
- Rep. Phil CraneR-IL-8
Rep. James SensenbrennerR-WI-9
Rep. Matt SalmonR-AZ-1
Rep. John ShadeggR-AZ-4- Rep. Bob SchafferR-CO-4
Rep. Dana RohrabacherR-CA-45
Rep. Thomas CoburnR-OK-2
Rep. Mark SanfordR-SC-1
Rep. Ed RoyceR-CA-39
Data notes
The House’s recorded vote on the final version of the law (roll call 1147 in Voteview), matched to the vote the record cites and checked against its totals. Positions are each member’s DW-NOMINATE score for that Congress, as on the Ideology page; left to right is more liberal to more conservative. Paired and announced yea votes count as yea. Lists follow the compass, most liberal first. A name links to a profile only for members of the current Congress. A law passed by voice vote or unanimous consent has no member list, and neither does a vote Voteview has not yet recorded.
Committees
The committees the bill was sent to, and what each did with it.
Banking, Housing, and Urban Affairs Committee · Senate · markup by, referred to, reported bySubcommittee: Securities, Insurance, and Investment Subcommittee
Data notes
A committee links to its page only where it exists in the current Congress; older and renamed committees are named without a link.
Timeline
From introduction to signing, newest first: the committees, the floor and the president. 36 actions.
- Nov 3, 1998Became lawBecame law · Became Public Law No: 105-353.
- Became lawBecame law · Signed by President.
- Oct 22, 1998PresidentPresident · Presented to President.
- Oct 13, 1998Resolving differencesResolving differences · 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).House roll call 528
- Resolving differencesResolving differences · Motions to reconsider laid on the table Agreed to without objection.
- Resolving differencesResolving differences · 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).House roll call 528
- Resolving differencesResolving differences · The House proceeded to consider the conference report H.Rept. 105-803 as unfinished business.
- Resolving differencesResolving differences · 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.
- Resolving differencesResolving differences · Mr. Bliley moved to suspend the rules and agree to the conference report, H. Rept. 105-803.
- Resolving differencesResolving differences · Senate agreed to conference report by Unanimous Consent.
- Resolving differencesResolving differences · Conference report agreed to in Senate: Senate agreed to conference report by Unanimous Consent.
- FloorFloor · 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…
- Oct 9, 1998Resolving differencesResolving differences · Conference report H. Rept. 105-803 filed. (complete text of conference report: CR 10/13/1998 H10771-10776)
- Resolving differencesResolving differences · Conference report filed: Conference report H. Rept. 105-803 filed.(complete text of conference report: CR 10/13/1998 H10771-10776)
- Resolving differencesResolving differences · Conference papers: Senate report and managers' statement and official papers held at the desk in Senate.
- Resolving differencesResolving differences · Conferees agreed to file conference report.
- Resolving differencesResolving differences · Conference committee actions: Conferees agreed to file conference report.
- Sep 16, 1998Resolving differencesResolving differences · The Speaker appointed conferees: Bliley, Oxley, Tauzin, Cox, White, Dingell, Stupak, and Eshoo.
- Resolving differencesResolving differences · Motion to reconsider laid on the table Agreed to without objection.
- Resolving differencesResolving differences · On motion that the House insist upon its amendment, and agree to a conference Agreed to without objection.
- Resolving differencesResolving differences · Mr. Oxley asked unanimous consent that the House insist upon its amendment, and agree to a conference.
- Jul 29, 1998Resolving differencesResolving differences · Senate disagreed to House amendment requested conference and appointed conferees. D'Amato; Gramm; Shelby; Sarbanes; Dodd.
- Jul 22, 1998FloorFloor · A similar measure H.R. 1689 was laid on the table without objection.
- FloorFloor · Motion to reconsider laid on the table Agreed to without objection.
- FloorFloor · On passage Passed without objection.
- FloorFloor · 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.
- FloorFloor · Considered by unanimous consent.
- FloorFloor · Mr. Bliley asked unanimous consent to take from the Speaker's table and consider.
- May 13, 1998FloorFloor · Passed Senate with an amendment by Yea-Nay Vote. 79-21. Record Vote No: 135.Senate roll call 135
- FloorFloor · The committee substitute as amended agreed to by Voice Vote.
Data notes
Shows the introduction, each committee and subcommittee step the source dates (referral, hearings, markup, report, discharge), and the floor, conference, presidential and became-law steps. Calendar placements, messages between the chambers, amendments and committee report numbers are not shown for laws before the 108th Congress. Two entries the source lists twice are shown once.
Official record
The bill’s full text and every action, including introduction and committee steps, are on Congress.gov. Data through Oct 7, 2026.