A bill to clarify the jurisdiction of the Securities and Exchange Commission and the definition of security, and for other purposes.
Public Law 97-303 · H.R. 6156 · 97th Congress · began in the House
Signed by Ronald Reagan (R) on Oct 13, 1982 · Finance and Financial Sector
Sponsor: Rep. Timothy Wirth (D-CO-2)
Cosponsors (5): Rep. James Collins, Rep. Ed Markey,
Passage votesYeaNay
- HouseVoice vote
- SenateRecorded vote: 91 yea, 0 nay91–0
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.
Amends the Securities Act of 1933, the Securities Investor Protection Act, the Securities Exchange Act of 1934, the Investment Company Act of 1940 and the Investment Advisers Act of 1940 to include within the definition of "securities" for the purposes of such Acts any put, call, straddle, option, or privilege on any security, certificate of deposit, or group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency.
Amends the Securities Exchange Act of 1934 to grant the Securities and Exchange Commission the authority to regulate the trading of such securities, but not an option on a contract for future delivery.
Prohibits any State law prohibiting or regulating wagering or gaming contracts or the operation of "bucket shops" or similar activities from invalidating any put, call, straddle, option or privilege or other security or other activity related to the offer, purchase, sale, exercise, settlement or closeout of any such instrument if the instrument is approved by the Securities and Exchange Commission for trading under the rules of a securities self-regulatory organization.
Who voted for it
Every senator of the 97th Congress on the ideology compass. Highlighted: the 91 who voted yea on final passage. Faded: everyone else, including those who voted nay, did not vote, or had not yet taken office.
91 yea1 nay8 present or did not vote
Democrats who voted yea(39)
- Sen. Howard MetzenbaumD-OH
- Sen. Donald RiegleD-MI
- Sen. Paul SarbanesD-MD
Sen. Carl LevinD-MI- Sen. Thomas EagletonD-MO
- Sen. Alan CranstonD-CA
- Sen. Gary HartD-CO
Sen. Patrick LeahyD-VT- Sen. Dale BumpersD-AR
Sen. Joseph BidenD-DE
Sen. Robert ByrdD-WV- Sen. Jennings RandolphD-WV
- Sen. William ProxmireD-WI
- Sen. Wendell FordD-KY
Sen. Daniel InouyeD-HI- Sen. George MitchellD-ME
- Sen. Bill BradleyD-NJ
- Sen. Claiborne PellD-RI
Sen. Max BaucusD-MT- Sen. Daniel MoynihanD-NY
- Sen. David PryorD-AR
- Sen. James SasserD-TN
- Sen. Dee HuddlestonD-KY
- Sen. Howard CannonD-NV
- Sen. Scoop JacksonD-WA
- Sen. Quentin BurdickD-ND
- Sen. James ExonD-NE
- Sen. Fritz HollingsD-SC
- Sen. John GlennD-OH
- Sen. Dennis DeConciniD-AZ
- Sen. Alan DixonD-IL
- Sen. Lawton ChilesD-FL
- Sen. Howell HeflinD-AL
- Sen. Samuel NunnD-GA
- Sen. John JohnstonD-LA
- Sen. Edward ZorinskyD-NE
- Sen. Russell LongD-LA
- Sen. John StennisD-MS
- Sen. Harry ByrdD-VA
Republicans who voted yea(52)
- Sen. Charles MathiasR-MD
Sen. Arlen SpecterR-PA- Sen. Henry HeinzR-PA
- Sen. John ChafeeR-RI
- Sen. Larry PresslerR-SD
- Sen. David DurenbergerR-MN
- Sen. Mark AndrewsR-ND
- Sen. Robert StaffordR-VT
- Sen. William CohenR-ME
- Sen. William RothR-DE
- Sen. Paula HawkinsR-FL
- Sen. Nancy KassebaumR-KS
- Sen. Mark HatfieldR-OR
- Sen. Robert PackwoodR-OR
- Sen. John DanforthR-MO
- Sen. Alfonse D’AmatoR-NY
- Sen. Charles PercyR-IL
- Sen. Rudy BoschwitzR-MN
- Sen. James AbdnorR-SD
- Sen. Robert KastenR-WI
Sen. Chuck GrassleyR-IA- Sen. Harrison SchmittR-NM
- Sen. Slade GortonR-WA
- Sen. Warren RudmanR-NH
Sen. Thad CochranR-MS- Sen. Roger JepsenR-IA
Sen. Pete DomeniciR-NM
Sen. Ted StevensR-AK- Sen. Alan SimpsonR-WY
- Sen. Frank MurkowskiR-AK
Sen. Richard LugarR-IN
Sen. John WarnerR-VA- Sen. Mack MattinglyR-GA
Sen. Orrin HatchR-UT- Sen. Howard BakerR-TN
- Sen. Robert DoleR-KS
- Sen. William ArmstrongR-CO
- Sen. Strom ThurmondR-SC
- Sen. Malcolm WallopR-WY
- Sen. Paul LaxaltR-NV
- Sen. Jeremiah DentonR-AL
- Sen. John TowerR-TX
- Sen. Jake GarnR-UT
- Sen. Don NicklesR-OK
- Sen. Samuel HayakawaR-CA
- Sen. Jesse HelmsR-NC
- Sen. Dan QuayleR-IN
- Sen. James McClureR-ID
- Sen. Gordon HumphreyR-NH
- Sen. John EastR-NC
- Sen. Steven SymmsR-ID
- Sen. Barry GoldwaterR-AZ
Data notes
The Senate’s recorded vote on the final version of the law (roll call 883 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.
Agriculture Committee · House · markup by, referred to, reported bySubcommittee: Environment, Credit and Rural Development Subcommittee- Energy and Commerce Committee · House · markup by, referred to, reported bySubcommittee: Telecommunications and Finance 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. 20 actions.
- Oct 13, 1982Became lawBecame law · Became Public Law No: 97-303.
- Became lawBecame law · Signed by President.
- Oct 5, 1982PresidentPresident · Presented to President.
- Oct 1, 1982FloorFloor · Passed Senate without amendment by Yea-Nay Vote. 91-0. Record Vote No: 386.Senate roll call 386
- Sep 23, 1982FloorFloor · Passed House (Amended) by Voice Vote.
- FloorFloor · Rule Passed House.
- Jul 30, 1982CommitteeCommittee · Reported by House Agriculture Committee
- Jul 27, 1982CommitteeCommittee · Markup by House Agriculture Committee
- Jul 15, 1982CommitteeCommittee · Reported by Environment, Credit and Rural Development Subcommittee of the House Agriculture Committee
- CommitteeCommittee · Markup by Environment, Credit and Rural Development Subcommittee of the House Agriculture Committee
- Jul 1, 1982CommitteeCommittee · Referred to Environment, Credit and Rural Development Subcommittee of the House Agriculture Committee
- Jun 24, 1982CommitteeCommittee · Referred to House Agriculture Committee
- CommitteeCommittee · Reported by House Energy and Commerce Committee
- Jun 16, 1982CommitteeCommittee · Markup by House Energy and Commerce Committee
- May 13, 1982CommitteeCommittee · Reported by Telecommunications and Finance Subcommittee of the House Energy and Commerce Committee
- CommitteeCommittee · Markup by Telecommunications and Finance Subcommittee of the House Energy and Commerce Committee
- Apr 23, 1982CommitteeCommittee · Hearings by Telecommunications and Finance Subcommittee of the House Energy and Commerce Committee
- CommitteeCommittee · Referred to Telecommunications and Finance Subcommittee of the House Energy and Commerce Committee
- Apr 22, 1982CommitteeCommittee · Referred to House Energy and Commerce Committee
- IntroducedIntroduced · Introduced in the House
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.