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| 2001 News and Press Releases |
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HEADLINE ARCHIVED:
House Panel Approves Bill To Expand SEC's Emergency Authority
Associated Press Newswires. Thursday, October 11, 2001
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Excerpt: A House panel on Thursday approved a bill expanding the emergency authority of the Securities and Exchange Commission to take action designed to smooth trading in troubled stock markets. The voice vote by the House Financial Services Committee sent to the full House the bipartisan measure proposed by its chairman, Rep. Michael Oxley, R-Ohio. Last month, the SEC suspended its usual restrictions on companies buying back shares of their own stock to help shore up the market, following an extraordinary four-day shutdown of trading after the Sept. 11 attacks in the heart of New York's financial district. The bill would allow the SEC to extend such emergency orders for up to 30 business days, and in some cases for up to 90 calendar days, rather than the current 10 business days. SEC chairman Harvey Pitt has said a surge of company stock buybacks helped bolster a shaken market.
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