Bill > S1630

This bill amends the Securities Exchange Act of 1934 to require shareholder authorization before a public company can make certain political expenditures. Key provisions include: - Requiring shareholder approval for any corporate political expenditures, such as independent expenditures, electioneering communications, and payments to trade associations that could be used for political purposes. Violations would be considered a breach of fiduciary duty by the officers and directors who authorized the expenditure. - Requiring a board vote for any political expenditures over $50,000, with the individual board member votes made public within 48 hours. - Mandating quarterly and annual reporting by public companies on their political expenditures, including details on the recipients and board approval. - Directing the Securities and Exchange Commission to annually assess compliance with the new requirements and report to Congress, and requiring periodic evaluations by the Government Accountability Office. The goal of the bill is to increase transparency and accountability around corporate political spending by giving shareholders more control over these decisions.

Housing and Urban Affairs

https://www.congress.gov/bill/116th-congress/senate-bill/1630/all-info