H.R. 6096 – Reward Work Act

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Updated April 15, 2026 at 10:20 PM UTC

The Reward Work Act would ban publicly traded companies from buying back their own shares on a national securities exchange. It also requires that at least one‑third of a company’s board of directors be elected by the company’s employees through a one‑employee‑one‑vote process. The bill targets all public issuers and aims to shift capital toward wages and worker representation.

Key Provisions

Prohibits any public company (issuer) from purchasing its own equity securities on a national securities exchange, effectively ending open‑market stock buybacks.
Cancels the effect of existing SEC regulations that currently allow stock buybacks (specifically 17 C.F.R. §240.10b‑18).
Amends the Securities Exchange Act to require that a company cannot list its securities on a national exchange unless at least one‑third of its board members are chosen by employees in a one‑employee‑one‑vote election.
Directs the SEC, in consultation with the NLRB, to issue rules ensuring fair, democratic director elections and to enforce the 1/3 employee‑board requirement within two years of the law’s enactment.

Legislative Activity

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HouseIntro Referral Latest Action

Referred to the House Committee on Financial Services.

Financial Services Committee

June 13, 2018

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HouseIntro Referral

Introduced in House

June 13, 2018

HouseIntro Referral

Referred to the House Committee on Financial Services.

Financial Services Committee

June 13, 2018

Bill Text

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Introduced in HouseIssued June 13, 2018

I

115th CONGRESS

2d Session

H. R. 6096

IN THE HOUSE OF REPRESENTATIVES

June 13, 2018

Mr. Ellison (for himself and Mr. Khanna) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To prohibit public companies from repurchasing their shares on the open market, and for other purposes.

1.

Short title

This Act may be cited as the Reward Work Act.

2.

Prohibition on stock buybacks on the open market

(a)

Definitions

In this section—

(1)

the terms equity security, exchange, and issuer have the meanings given the terms in section 3 of the Securities Exchange Act of 1934 (15 U.S.C. 78c); and

(2)

the term national securities exchange means an exchange registered under section 6 of the Securities Exchange Act of 1934 (15 U.S.C. 78f).

(b)

Prohibitions

Notwithstanding any other provision of law, no issuer may purchase an equity security of the issuer on a national securities exchange.

(c)

No force or effect

Section 240.10b–18 of title 17, Code of Federal Regulations, shall have no force or effect.

(d)

Rule of construction

Nothing in this section may be construed to affect tender offers subject to section 240.13e–4 and sections 240.14e–1 through 240.14f–1 of title 17, Code of Federal Regulations.

3.

Worker representation on corporate board of directors

(a)

Definitions

In this section—

(1)

the term director has the meaning given the term in section 3 of the Securities Exchange Act of 1934 (15 U.S.C. 78c); and

(2)

the term employee has the meaning given the term in section 2 of the National Labor Relations Act (29 U.S.C. 152).

(b)

Registration requirements for securities

Section 12 of the Securities Exchange Act of 1934 (15 U.S.C. 78l) is amended by adding at the end the following:

(m)

No issuer may register securities on a national exchange unless at least 1/3 of the issuer’s directors are chosen by the issuing company’s employees in a one-employee-one-vote election process.

.

(c)

Policy

The Securities and Exchange Commission, in consultation with the National Labor Relations Board, shall promulgate regulations—

(1)

to ensure that director elections at issuing firms are fair and democratic; and

(2)

to ensure that 1/3 of an issuer’s board of directors will be composed of employee representatives within 2 years of the date of enactment of this Act.

4.

Regulations

The Securities and Exchange Commission shall promulgate regulations to direct national securities exchanges and issuers, as defined in section 2(a), to comply with this Act and the amendments made by this Act.