A bill to amend the Securities 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 2021
This bill requires shareholder authorization of certain political expenditures by a publicly traded company. A violation of this requirement is considered a breach of fiduciary duty, and the officers and directors who authorized the expenditure are subject to joint and several liability. A publicly traded company 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.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 123.
Placed on the Union Calendar, Calendar No. 36.
Cloture motion on the motion to proceed to the measure withdrawn by unanimous consent in Senate. (CR S6516-6517)
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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