S. 2720: Brokaw Act

114th Congress · introduced 2016-03-17 · Finance and Financial Sector · Latest: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

federal

Follow this bill, step by step

Where it came from: introduced 2016-03-17 · official record
Who proposed it: Sen. Baldwin, Tammy [D-WI] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Brokaw Act

Plain summary

Brokaw Act This bill directs the Securities and Exchange Commission (SEC) to amend specified regulations to reflect a revision the bill makes to the Securities Exchange Act of 1934 reducing from 10 to 2 business days the deadline for disclosing to the SEC any acquisition of a direct or indirect short interest in an equity security of a certain kind of voting class that results in a direct or indirect short interest representing more than 5% of that class. The mandatory disclosures of short interests shall apply to: any class of equity security which must be registered, certain equity securities of an insurance company, and any equity security issued by a closed-end investment company registered under the Investment Company Act of 1940. The bill deems a person as having a "short interest in a security" if the person has the opportunity, either directly or indirectly, to profit from, or share in any profit derived from any decrease in the value of the security (including a derivative instrument, or a performance-related fee). The bill deems a person to have a short interest in a security if the person creates or uses certain instruments, including a trust, proxy, power of attorney, pooling arrangement, or any other contract, arrangement, or device, to divest the person of a short interest in a security or to prevent the vesting of a short interest as part of a plan to evade the reporting requirements of the Act. The bill declares that, with specified exceptions, in calculating the number of shares in which a person has a short interest, regardless of the form of the short interest, all securities of the same class shall be aggregated.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Brokaw Act

Source: Congressional Research Service summary (Introduced in Senate)

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The strongest published arguments

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Baldwin, Tammy [D-WI] · 4 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Jeff Merkley (D-OR), Bernard Sanders (I-VT), Elizabeth Warren (D-MA)

Sponsor's campaign money: Sen. Baldwin, Tammy [D-WI] reported raising $3.5 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (3)

Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.
Securities: Financial investments that can be bought and sold, such as stocks and bonds.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-114s2720.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/114/s>

Record fed-us-cong114-s2720 · catalog fed-us-congress-bills-cong114 · updated 2026-11-15 by psicol fed-bills-cong114