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House spreads intent language urging federal action on securities; debate over legal effect
Summary
The Utah House voted to spread intent language in the House Journal calling on the federal delegation and regulators to address so-called 'naked short selling' and to preserve Utahs authority to investigate securities fraud; the motion passed 46-27 after floor debate over whether such language can bind future legislatures.
Representative Tilton moved to spread intent language in the House Journal urging Utahs federal delegation and the Securities and Exchange Commission to address naked short selling and to preserve state authority to investigate fraudulent securities activity. Tilton said the goal was to "preserve our Utah companies" and called on the federal delegation to "lead out on that issue with the SEC."
Opponents on the floor raised procedural and legal questions about whether intent language could bind future legislatures. Representative Frehley and the parliamentarian cautioned that such language is symbolic and could be out of order if drafted to bind a future legislative body; Representative Hughes argued the motion expresses intent and is not binding. Supporters including Representative Wimmer said the language sends a message and could help spur federal action.
After discussion and a division, the House voted to spread the two paragraphs of intent language onto the pages of the House Journal. The clerk announced the tally as 46 yes and 27 no; the motion passed and the language will be published in the journal.
The action does not itself change state law; members debated its legal effect on future lawmakers during floor remarks. The journal entry is a formal record of the Houses intent as stated by proponents and opponents on the floor.
The House then proceeded to the third-reading calendar.
