A corporate takeover bill was introduced.

The Senate bill would curb hostile corporate takeovers by raiders seeking only a fast financial killing and make the punishment for insider trading much more severe. Under the bill, a stockholder would have to disclose to the Securities and Exchange Commission whenever he built up a 3% stake in a company, down from the present 5%. Also, the disclosure would be made immediately, rather than in the current 10 days. It would raise the present maximum $100,000 fine for insider trading cases to $1 million and double prison sentences to 10 years from five.