A bill to amend the Securities and Exchange Act of 1934 to require shareholder authorization before a public company may make certain political expenditures, and for other purposes.
Shareholder Protection Act of 2019
This bill requires shareholder authorization of certain political expenditures by an issuer. A violation of this requirement shall be considered a breach of fiduciary duty, and the officers and directors who authorized the expenditure shall be subject to joint and several liability. An issuer must require a board vote with respect to political expenditures in excess of $50,000 and, within 48 hours, make publicly available the individual votes of each board member.
Read twice and referred to the Committee on Finance.
Placed on the Union Calendar, Calendar No. 517.
Referred to the House Committee on Financial Services.
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line