Philanthropy Protection Act of 1995 - Exempts from the jurisdiction of the Investment Company Act of 1940, the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Advisers Act of 1940 any security issued by or any interest or participation in any pooled income fund, collective trust fund, collective investment fund, or similar fund maintained by a charitable organization exclusively for the collective investment and reinvestment of certain assets. Includes among such assets those of: (1) a charitable remainder trust or of any other trust the remainder interests of which are irrevocably dedicated to any charitable organization; (2) a trust the remainder interests of which are revocably dedicated to a charitable organization, subject to specified conditions; or (3) a trust the remainder interests of which are revocably dedicated to, or for the benefit of, one or more charitable organizations, if the ability to revoke is limited to specified circumstances. Deems such a charitable income fund, in specified circumstances, not to be an investment company under the Investment Company Act of 1940.
Amends the Investment Company Act of 1940 to set forth disclosure requirements for exempt charitable organizations.
Amends the Securities Exchange Act of 1934 to require solicitors of funds for such exempt charitable organizations to be volunteers or to be engaged in overall fund-raising activities of the organization but receiving no commission or other special compensation based on the amount of donations collected.
Exempts such charitable organizations from State regulation in general, and such securities from State registration or qualification requirements in particular.
Permits a State to enact a statute that specifically refers to this Act and provides prospectively that it does not preempt the laws of such State.
Placed on the Union Calendar, Calendar No. 178.
Placed on the Corrections Calendar, Calendar No. 8.
Called up from the Corrections Calendar for consideration.
Considered from the Corrections Calendar. (consideration: CR H13670-13677, H13679-13680)
DEBATE - The House proceeded with one hour of debate.
The previous question was ordered on the amendment and the bill without objection.
VOTE POSTPONED - At the conclusion of debate, the Chair put the question on passage of the bill, as amended, and announced that, by voice vote, three-fifths of the Members voting in the affirmative, the bill was passed. Mr. Markey objected to the vote on the grounds that a quroum was not present and made a point of order that a quorum was not present. The Chair postponed further consideration and without objection the point of no quorum was withdrawn.
Considered as unfinished business.
Passed/agreed to in House: On passage Passed by the Yeas and Nays: (3/5 required): 421 - 0 (Roll no. 822).
Roll Call #822 (House)On passage Passed by the Yeas and Nays: (3/5 required): 421 - 0 (Roll no. 822).
Enacted as Public Law 104-62
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Motion to reconsider laid on the table Agreed to without objection.
Passed/agreed to in Senate: Received in the Senate, read twice, considered, read the third time, and passed without amendment by Voice Vote.(consideration: CR S17828)
Received in the Senate, read twice, considered, read the third time, and passed without amendment by Voice Vote. (consideration: CR S17828)
Message on Senate action sent to the House.
Presented to President.
Presented to President.
Signed by President.
Signed by President.
Became Public Law No: 104-62.
Became Public Law No: 104-62.