; (2) 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 (3) the term employee — (A) has the meaning given the term in section 2 of the National Labor Relations Act ( 29 U.S.C. 152 ); (B) includes any individual employed by an employer subject to the Railway Labor Act ( 45 U.S.C. 151 et seq.). (b) Registration requirements for securities Section 12(b) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78l(b)(1) ) is amended by adding at the end the following: (4) (A) In this paragraph, the term covered issuer means an issuer that— (i) receives financial assistance relating to the coronavirus disease 2019 (COVID–19) pandemic; and (ii) has repurchased more than $1,000,000,000 of the securities of the issuer on the open market over the during the previous 5-year period. (B) No covered issuer may register securities on a national exchange unless at least 1/3 of the covered issuer’s directors are chosen by the covered issuer’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 elections of directors of covered issuers are fair and democratic; and (2) to ensure that 1/3 of a covered 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 covered issuers, as defined in section 2(a), to comply with this Act and the amendments made by this Act.