summary
Introduced
01/31/2019
01/31/2019
In Committee
01/31/2019
01/31/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
To amend the Securities Exchange Act of 1934 and the Federal Election Campaign Act of 1971 to prohibit a corporation from making disbursements for a political purpose unless the corporation has assessed the preferences of its shareholders with respect to such disbursements, and for other purposes. This bill requires an issuer of securities, in order to make a disbursement for a political purpose, to assess the preferences of shareholders in the year before the disbursement. If a majority of shareholders are prohibited from expressing partisan or political preferences by law, contract, or a requirement to meet a fiduciary duty, the issuer may not make such a disbursement.
AI Summary
This bill, the Shareholders United Act of 2019, amends the Securities Exchange Act of 1934 and the Federal Election Campaign Act of 1971 to prohibit a corporation from making political disbursements unless it has assessed the preferences of its shareholders within the past year. If a majority of the company's shareholders are prohibited by law, contract, or fiduciary duty from expressing partisan or political preferences, the company may not make such political disbursements. The bill defines "disbursement for a political purpose" broadly to include independent expenditures, electioneering communications, and other public communications that advocate for or against federal candidates. The amendments take effect on December 31, 2019.
Committee Categories
Business and Industry
Sponsors (17)
Jamie Raskin (D)*,
Earl Blumenauer (D),
Salud Carbajal (D),
David Cicilline (D),
Gil Cisneros (D),
Debra Haaland (D),
Jared Huffman (D),
Hank Johnson (D),
Barbara Lee (D),
Eleanor Holmes Norton (D),
Alexandria Ocasio-Cortez (D),
Bill Pascrell (D),
Mark Pocan (D),
Harley Rouda (D),
Jan Schakowsky (D),
Darren Soto (D),
Rashida Tlaib (D),
Last Action
Referred to the Committee on Financial Services, and in addition to the Committee on House Administration, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. (on 01/31/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/936/all-info |
| BillText | https://www.congress.gov/116/bills/hr936/BILLS-116hr936ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr936/BILLS-116hr936ih.pdf.pdf |
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