Shareholder Protection Act of 2021
- Last Action
- 3/2/2021
Actions
- 2021-03-02Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 2021-03-02Introduced in Senate
CRS Summary
As of 2021-03-02 (00)
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.
Cosponsors (16)
- Jeff Merkley (D-OR)
- Cory Booker (D-NJ)
- Richard Blumenthal (D-CT)
- Mazie Hirono (D-HI)
- Patrick Leahy (D-VT)
- Elizabeth Warren (D-MA)
- Richard Durbin (D-IL)
- Chris Van Hollen (D-MD)
- Kirsten Gillibrand (D-NY)
- Amy Klobuchar (D-MN)
- Edward Markey (D-MA)
- Jeanne Shaheen (D-NH)
- Tammy Baldwin (D-WI)
- Sheldon Whitehouse (D-RI)
- Dianne Feinstein (D-CA)
- Ben Cardin (D-MD)
Subjects
- Administrative law and regulatory procedures
- Corporate finance and management
- Elections, voting, political campaign regulation
- Political advertising
- 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.