S. 1726 · 115th Congress
Shareholder Protection Act of 2017
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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
MenendezSponsor15 cosponsors · 15 D
D
Blumenthal
CB
D
Booker
RD
D
Durbin
DF
D
Feinstein
AF
D
Franken
KG
D
Gillibrand
MH
D
Hirono
PL
D
Leahy
EM
D
Markey
JM
D
Merkley
JS
D
Shaheen
TU
D
Udall
CV
D
Van Hollen
SW
D
Whitehouse
EW
D
Warren15 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends the Securities Exchange Act of 1934 to require shareholder authorization with respect to certain political expenditures by an issuer.
What it does: CRS summary · Introduced in Senate · Aug 2, 2017
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Shareholder Protection Act of 2017
Latest action (Aug 2, 2017): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Aug 2, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.