Congress · Laws

An act to make certain amendments to sections 4, 13, 14, 15, and 15B of the Securities Exchange Act of 1934.

Public Law 98-38 · H.R. 2681 · 98th Congress · began in the House

Signed by Ronald Reagan (R) on Jun 6, 1983 · Finance and Financial Sector

Sponsor: Rep. John Dingell (D-MI-16)

Cosponsors (3): Rep. Timothy Wirth, Rep. James Broyhill,

Passage votesYeaNay

HouseRecorded vote: 361 yea, 63 nay361–63
SenateVoice vote

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.

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Summary

The Congressional Research Service’s plain-language summary of what the law does.

(Measure passed House, amended, roll call #120 (361-63))

Amends the Securities Exchange Act of 1934 to permit the Securities and Exchange Commission to accept reimbursement from non-Federal sources for travel, subsistence, and other necessary expenses incurred by Commission members and employees in attending meetings and conferences.

Permits participants in the professional fellows program of the Commission to accept payment of relocation expenses from their former employers.

Requires a person, at the time of filing with the Commission a statement relating to an issuer repurchase of shares, to pay a fee of one-fiftieth of one percent of the value of securities proposed to be purchased.

Requires that at the time of filing proxy materials concerning an acquisition, merger or proposed sale or disposition of substantially all company assets, the person making such filing (other than a company registered under the Investment Company Act of 1940) shall pay a fee of one- fiftieth of one percent of the value of any cash or securities paid.

Imposes the same fee for the filing of a preliminary information statement and for the filing of a statement by the bidding company in a cash tender offer.

Reserves the Commission's power to impose fees, charges, or prices for matters not involving any acquisition, merger, consolidation sale, or other disposition of assets.

Requires any registered broker or dealer in securities (other than exempted securities or commercial bills) to join a registered securities association, unless such broker or dealer effects securities transactions solely on a national securities exchange of which it is a member.

Permits the Commission to exempt any broker or dealer or class of brokers or dealers from such requirement.

Permits public members of the Municipal Securities Rulemaking Board to be associated with any broker, dealer, or municipal securities dealer by reason of being under common control with, or indirectly controlling, any broker or dealer which is not a municipal securities broker or municipal securities dealer.

Who voted for it

Every House member of the 98th Congress on the ideology compass. Highlighted: the 362 who voted yea on final passage. Faded: everyone else, including those who voted nay, did not vote, or had not yet taken office.

362 yea63 nay7 present or did not vote

Dimension 2

Economic left–right

More liberalMore conservative

Democrats who voted yea(233)

Rep. Parren MitchellD-MD-7
Rep. Sam GejdensonD-CT-2
Rep. Martin SaboD-MN-5
Rep. John ConyersD-MI-1
Rep. Mickey LelandD-TX-18
Rep. Julian DixonD-CA-28
Rep. Edward RoybalD-CA-25
Rep. Henry GonzálezD-TX-20
Rep. William GrayD-PA-2
Rep. William LehmanD-FL-17
Rep. Robert GarciaD-NY-18
Rep. Gary AckermanD-NY-7
Rep. William FordD-MI-15
Rep. Gus SavageD-IL-2
Rep. Gus HawkinsD-CA-29
Rep. William CoyneD-PA-14
Rep. Ed MarkeyD-MA-7
Rep. Ed TownsD-NY-11
Rep. Joseph AddabboD-NY-6
Rep. David BoniorD-MI-12
Rep. Charlie RangelD-NY-16
Rep. James OberstarD-MN-8
Rep. Don EdwardsD-CA-10
Rep. Richard OttingerD-NY-20
Rep. Cardiss CollinsD-IL-7
Rep. Alan WheatD-MO-5
Rep. Katie HallD-IN-1
Rep. Major OwensD-NY-12
Rep. Howard BermanD-CA-26
Rep. Esteban TorresD-CA-34
Rep. James ShannonD-MA-5
Rep. Barbara BoxerD-CA-6
Rep. Ronald DellumsD-CA-8
Rep. George CrockettD-MI-13
Rep. Bill ClayD-MO-1
Rep. Daniel AkakaD-HI-2
Rep. Thomas FogliettaD-PA-1
Rep. James HowardD-NJ-3
Rep. Henry WaxmanD-CA-24
Rep. Peter RodinoD-NJ-10
Rep. Sidney YatesD-IL-9
Rep. Meldon LevineD-CA-27
Rep. Norman MinetaD-CA-13
Rep. Chuck SchumerD-NY-10
Rep. John MoakleyD-MA-9
Rep. Robert MatsuiD-CA-3
Rep. Pete StarkD-CA-9
Rep. Anthony CoelhoD-CA-15
Rep. George BrownD-CA-36
Rep. Robert KastenmeierD-WI-2
Rep. Geraldine FerraroD-NY-9
Rep. Harold FordD-TN-9
Rep. Steny HoyerD-MD-5
Rep. Dale KildeeD-MI-7
Rep. Bill AlexanderD-AR-1
Rep. Carl PerkinsD-KY-7
Rep. Dave ObeyD-WI-7
Rep. Bruce VentoD-MN-4
Rep. Victor FazioD-CA-4
Rep. Barney FrankD-MA-4
Rep. Barbara KennellyD-CT-1
Rep. Nicholas MavroulesD-MA-6
Rep. Thomas DowneyD-NY-2
Rep. Thomas FoleyD-WA-5
Rep. Tom LantosD-CA-11
Rep. Richard LehmanD-CA-18
Rep. Lane EvansD-IL-17
Rep. Robert BorskiD-PA-3
Rep. Clement ZablockiD-WI-4
Rep. Gerry StuddsD-MA-10
Rep. James ScheuerD-NY-8
Rep. Claude PepperD-FL-18
Rep. Frank HarrisonD-PA-11
Rep. Robert EdgarD-PA-7
Rep. Allan SwiftD-WA-2
Rep. Bernard DwyerD-NJ-6
Rep. Robert RoeD-NJ-8
Rep. John DingellD-MI-16
Rep. Henry NowakD-NY-33
Rep. Jerome TraxlerD-MI-8
Rep. Stephen SolarzD-NY-13
Rep. Bruce MorrisonD-CT-3
Rep. William RatchfordD-CT-5
Rep. Frank AnnunzioD-IL-11
Rep. Gillis LongD-LA-8
Rep. Dick GephardtD-MO-3
Rep. Charles PriceD-IL-21
Rep. Barbara MikulskiD-MD-3
Rep. Mary OakarD-OH-20
Rep. Howard WolpeD-MI-3
Rep. Charles RoseD-NC-7
Rep. Frank GuariniD-NJ-14
Rep. George MillerD-CA-7
Rep. Raymond KogovsekD-CO-3
Rep. Martin FrostD-TX-24
Rep. Lawrence SmithD-FL-16
Rep. Lindy BoggsD-LA-2
Rep. Anthony BeilensonD-CA-23
Rep. Morris UdallD-AZ-2
Rep. Dante FascellD-FL-19
Rep. Paul SimonD-IL-22
Rep. Edward BolandD-MA-2
Rep. James WrightD-TX-12
Rep. Jack BrooksD-TX-9
Rep. Fernand St. GermainD-RI-1
Rep. Sander LevinD-MI-17
Rep. Timothy WirthD-CO-2
Rep. Michael BarnesD-MD-8
Rep. Walter JonesD-NC-1
Rep. Joseph EarlyD-MA-3
Rep. Matthew McHughD-NY-28
Rep. Harley StaggersD-WV-2
Rep. John BryantD-TX-5
Rep. Brian DonnellyD-MA-11
Rep. Rick BoucherD-VA-9
Rep. Mario BiaggiD-NY-19
Rep. Don BonkerD-WA-3
Rep. William RichardsonD-NM-3
Rep. Jim MoodyD-WI-5
Rep. James FlorioD-NJ-1
Rep. Peter KostmayerD-PA-8
Rep. Bob CarrD-MI-6
Rep. William NatcherD-KY-2
Rep. Ron WydenD-OR-3
Rep. Solomon OrtizD-TX-27
Rep. Clarence LongD-MD-2
Rep. Kika de la GarzaD-TX-15
Rep. Leslie AspinD-WI-1
Rep. Joseph KolterD-PA-4
Rep. Harry ReidD-NV-1
Rep. Douglas BoscoD-CA-1
Rep. Robert TorricelliD-NJ-9
Rep. Norm DicksD-WA-6
Rep. Ronald ColemanD-TX-16
Rep. Stanley LundineD-NY-34
Rep. James McNultyD-AZ-5
Rep. Ed JonesD-TN-8
Rep. Daniel RostenkowskiD-IL-8
Rep. Jamie WhittenD-MS-1
Rep. Jim BatesD-CA-44
Rep. Francis McCloskeyD-IN-8
Rep. Donald AlbostaD-MI-10
Rep. Dennis HertelD-MI-14
Rep. Michael SynarD-OK-2
Rep. Robert YoungD-MO-2
Rep. James ClarkeD-NC-11
Rep. Leon PanettaD-CA-16
Rep. Gerald SikorskiD-MN-6
Rep. John LaFalceD-NY-32
Rep. William BonerD-TN-5
Rep. Joseph MinishD-NJ-11
Rep. Tom HarkinD-IA-5
Rep. Jerry PattersonD-CA-38
Rep. Bill HefnerD-NC-8
Rep. Charles DowdyD-MS-4
Rep. Wyche FowlerD-GA-5
Rep. Robert WiseD-WV-3
Rep. Albert GoreD-TN-6
Rep. Edward FeighanD-OH-19
Rep. Tom BevillD-AL-4
Rep. Tom DaschleD-SD
Rep. Charles HatcherD-GA-2
Rep. Tony HallD-OH-3
Rep. Don FuquaD-FL-2
Rep. Martin RussoD-IL-3
Rep. Dennis EckartD-OH-11
Rep. Beryl AnthonyD-AR-4
Rep. Jake PickleD-TX-10
Rep. Neal SmithD-IA-4
Rep. Ronnie FlippoD-AL-5
Rep. Charles WilsonD-TX-2
Rep. Butler DerrickD-SC-3
Rep. Ike AndrewsD-NC-4
Rep. Patricia SchroederD-CO-1
Rep. Les AuCoinD-OR-1
Rep. Charles BrittD-NC-6
Rep. Charles WhitleyD-NC-3
Rep. John SprattD-SC-5
Rep. Richard DurbinD-IL-20
Rep. Abraham KazenD-TX-23
Rep. Daniel MicaD-FL-14
Rep. Byron DorganD-ND
Rep. Jim CooperD-TN-4
Rep. Stephen NealD-NC-5
Rep. Romano MazzoliD-KY-3
Rep. Robin TallonD-SC-6
Rep. Royden DysonD-MD-1
Rep. Harold VolkmerD-MO-9
Rep. James RowlandD-GA-8
Rep. Glenn AndersonD-CA-32
Rep. Lee HamiltonD-IN-9
Rep. Norman D’AmoursD-NH-1
Rep. Robert ThomasD-GA-1
Rep. Samuel StrattonD-NY-23
Rep. Norman SisiskyD-VA-4
Rep. William LipinskiD-IL-5
Rep. Daniel GlickmanD-KS-4
Rep. David McCurdyD-OK-4
Rep. Philip SharpD-IN-2
Rep. Sam GibbonsD-FL-7
Rep. William HughesD-NJ-2
Rep. Thomas CarperD-DE
Rep. Kent HanceD-TX-19
Rep. Buddy MacKayD-FL-6
Rep. Michael AndrewsD-TX-25
Rep. Tim ValentineD-NC-2
Rep. James JonesD-OK-1
Rep. Ben ErdreichD-AL-6
Rep. James OlinD-VA-6
Rep. Ed JenkinsD-GA-9
Rep. Jack HightowerD-TX-13
Rep. Elliott LevitasD-GA-4
Rep. Bill NelsonD-FL-11
Rep. Marilyn LloydD-TN-3
Rep. Andrew JacobsD-IN-10
Rep. James SlatteryD-KS-2
Rep. Earl HuttoD-FL-1
Rep. Glenn EnglishD-OK-6
Rep. John BreauxD-LA-7
Rep. Druie BarnardD-GA-10
Rep. Thomas HuckabyD-LA-5
Rep. William PatmanD-TX-14
Rep. Tommy VandergriffD-TX-26
Rep. Richard ShelbyD-AL-7
Rep. Billy TauzinD-LA-3
Rep. Richard RayD-GA-3
Rep. Sam HallD-TX-1
Rep. James LeathD-TX-11
Rep. Andy IrelandD-FL-10
Rep. Sonny MontgomeryD-MS-3
Rep. Buddy RoemerD-LA-4
Rep. Dan DanielD-VA-5
Rep. Charlie StenholmD-TX-17

Republicans who voted yea(129)

Rep. Claudine SchneiderR-RI-2
Rep. Silvio ConteR-MA-1
Rep. Stewart McKinneyR-CT-4
Rep. Bill GreenR-NY-15
Rep. Frank HortonR-NY-29
Rep. Sherry BoehlertR-NY-25
Rep. Matthew RinaldoR-NJ-7
Rep. Jim JeffordsR-VT
Rep. Lyle WilliamsR-OH-17
Rep. Benjamin GilmanR-NY-22
Rep. Chris SmithR-NJ-4
Rep. Olympia SnoweR-ME-2
Rep. Joseph McDadeR-PA-10
Rep. Hamilton FishR-NY-21
Rep. Robert DavisR-MI-11
Rep. Jim LeachR-IA-1
Rep. John McKernanR-ME-1
Rep. Nancy JohnsonR-CT-6
Rep. Thomas RidgeR-PA-21
Rep. Marge RoukemaR-NJ-5
Rep. Jack EdwardsR-AL-1
Rep. Carl PursellR-MI-2
Rep. Harold SawyerR-MI-5
Rep. John DuncanR-TN-2
Rep. William ClingerR-PA-23
Rep. Sidney MorrisonR-WA-4
Rep. Rodney ChandlerR-WA-8
Rep. Earl ColemanR-MO-6
Rep. John MyersR-IN-7
Rep. Norman LentR-NY-4
Rep. Doug BereuterR-NE-1
Rep. David MartinR-NY-26
Rep. Guy MolinariR-NY-14
Rep. Don YoungR-AK
Rep. John HammerschmidtR-AR-3
Rep. Marion SnyderR-KY-4
Rep. John PorterR-IL-10
Rep. Steven GundersonR-WI-3
Rep. Edward MadiganR-IL-15
Rep. Frank WolfR-VA-10
Rep. Hal RogersR-KY-5
Rep. Raymond McGrathR-NY-5
Rep. Thomas EvansR-IA-3
Rep. Elwood HillisR-IN-5
Rep. Virginia SmithR-NE-3
Rep. Guy Vander JagtR-MI-9
Rep. Thomas TaukeR-IA-2
Rep. William MooreR-LA-6
Rep. Stanford ParrisR-VA-8
Rep. George WortleyR-NY-27
Rep. George WhitehurstR-VA-2
Rep. W. Bill YoungR-FL-8
Rep. James CourterR-NJ-12
Rep. Gene TaylorR-MO-7
Rep. Thomas LewisR-FL-12
Rep. Arlan StangelandR-MN-7
Rep. Herbert BatemanR-VA-1
Rep. Manuel LujánR-NM-1
Rep. Donald SundquistR-TN-7
Rep. William CarneyR-NY-1
Rep. David MarriottR-UT-2
Rep. Ronald MarleneeR-MT-2
Rep. William GoodlingR-PA-19
Rep. William FranklinR-MS-2
Rep. Bobbi FiedlerR-CA-21
Rep. Richard SchulzeR-PA-5
Rep. Robert SmithR-OR-2
Rep. Robert MichelR-IL-18
Rep. Edwin BethuneR-AR-2
Rep. Floyd SpenceR-SC-2
Rep. Jack KempR-NY-31
Rep. Edwin ZschauR-CA-12
Rep. Jerry LewisR-CA-35
Rep. William BroomfieldR-MI-18
Rep. Carroll CampbellR-SC-4
Rep. Donald RitterR-PA-15
Rep. William LoweryR-CA-41
Rep. John KasichR-OH-12
Rep. Bob McEwenR-OH-6
Rep. Henry HydeR-IL-6
Rep. Charles PashayanR-CA-17
Rep. James MartinR-NC-9
Rep. Larry WinnR-KS-3
Rep. Robert WhittakerR-KS-5
Rep. Robert LivingstonR-LA-1
Rep. Robert LagomarsinoR-CA-19
Rep. Newton GingrichR-GA-6
Rep. Tom BlileyR-VA-3
Rep. Marjorie HoltR-MD-4
Rep. Edwin ForsytheR-NJ-13
Rep. John McCainR-AZ-1
Rep. Clay ShawR-FL-15
Rep. Joseph SkeenR-NM-2
Rep. James RobinsonR-VA-7
Rep. Trent LottR-MS-5
Rep. Duncan HunterR-CA-45
Rep. George GekasR-PA-17
Rep. John ErlenbornR-IL-13
Rep. Hal DaubR-NE-2
Rep. Bill ThomasR-CA-20
Rep. Daniel CoatsR-IN-4
Rep. James BroyhillR-NC-10
Rep. Thomas CorcoranR-IL-14
Rep. Thomas KindnessR-OH-8
Rep. William DickinsonR-AL-2
Rep. Eugene ChappieR-CA-2
Rep. Mark SiljanderR-MI-4
Rep. Bill McCollumR-FL-5
Rep. Mike DeWineR-OH-7
Rep. Eldon RuddR-AZ-4
Rep. Ron PackardR-CA-43
Rep. Bud ShusterR-PA-9
Rep. Thomas LoefflerR-TX-21
Rep. Judd GreggR-NH-2
Rep. William FrenzelR-MN-3
Rep. Alfred McCandlessR-CA-37
Rep. John HilerR-IN-3
Rep. Carlos MoorheadR-CA-22
Rep. Barbara VucanovichR-NV-2
Rep. Jack FieldsR-TX-8
Rep. Connie MackR-FL-13
Rep. Gerald SolomonR-NY-24
Rep. Daniel LungrenR-CA-42
Rep. Howard NielsonR-UT-3
Rep. Robert BadhamR-CA-40
Rep. Thomas HartnettR-SC-1
Rep. Richard CheneyR-WY
Rep. Robert WalkerR-PA-16
Rep. William DannemeyerR-CA-39

Data notes

The House’s recorded vote on the final version of the law (roll call 112 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.

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Committees

The committees the bill was sent to, and what each did with it.

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.

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Timeline

From introduction to signing, newest first: the committees, the floor and the president. 13 actions.

Jun 6, 1983Became lawBecame law · Became Public Law No: 98-38.
Became lawBecame law · Signed by President.
May 26, 1983PresidentPresident · Presented to President.
May 25, 1983FloorFloor · Passed Senate without amendment by Voice Vote.
May 20, 1983FloorFloor · Held at the desk. By Unanimous Consent.
May 17, 1983FloorFloor · Passed House (Amended) by Yea-Nay Vote: 361 - 63 (Record Vote No: 120).House roll call 120
May 11, 1983CommitteeCommittee · Reported by House Energy and Commerce Committee
May 4, 1983CommitteeCommittee · Markup by House Energy and Commerce Committee
Apr 26, 1983CommitteeCommittee · 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 25, 1983CommitteeCommittee · Referred to Telecommunications and Finance Subcommittee of the House Energy and Commerce Committee
Apr 21, 1983CommitteeCommittee · 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.

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Official record

The bill’s full text and every action, including introduction and committee steps, are on Congress.gov. Data through Oct 7, 2026.