Shareholder Protection Act of 2017
- Last Action
- 1/9/2017
Actions
- 2017-01-09Referred to the House Committee on Financial Services.
- 2017-01-09Introduced in House
- 2017-01-09Introduced in House
CRS Summary
As of 2017-01-09 (00)
Shareholder Protection Act of 2017
This bill amends the Securities Exchange Act of 1934 to require shareholder authorization with respect to 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.
The Securities and Exchange Commission must direct the national securities exchanges and associations to prohibit the listing of any equity security of an issuer whose corporate bylaws do not require a board vote with respect to political expenditures in excess of $50,000. An issuer must, within 48 hours, make publicly available the individual votes of each board member with respect to such expenditures.
The bill establishes various reporting requirements.
Cosponsors (20)
- Brendan Boyle (D-PA)
- Gerald Connolly (D-VA)
- JOHN CONYERS (D-MI)
- ELIJAH CUMMINGS (D-MD)
- Theodore Deutch (D-FL)
- Keith Ellison (D-MN)
- ZOE LOFGREN (D-CA)
- CAROLYN MALONEY (D-NY)
- JAMES MCGOVERN (D-MA)
- Gwen Moore (D-WI)
- ELEANOR NORTON (D-DC)
- Chellie Pingree (D-ME)
- John Sarbanes (D-MD)
- JANICE SCHAKOWSKY (D-IL)
- LOUISE SLAUGHTER (D-NY)
- Dina Titus (D-NV)
- Niki Tsongas (D-MA)
- John Yarmuth (D-KY)
- Mike Quigley (D-IL)
- William Keating (D-MA)
Subjects
- Administrative law and regulatory procedures
- Civil actions and liability
- Congressional oversight
- Corporate finance and management
- Elections, voting, political campaign regulation
- Financial services and investments
- Government information and archives
- Government studies and investigations
- Securities
- Securities and Exchange Commission (SEC)
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.