S. 1630 · 116th Congress
Shareholder Protection Act of 2019
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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MenendezSponsor16 cosponsors · 16 D
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Blumenthal
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Booker
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Cardin
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Durbin
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Feinstein
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Gillibrand
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Hirono
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Klobuchar
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Leahy
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Markey
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Merkley
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Shaheen
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Udall
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Van Hollen
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Whitehouse
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Warren0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in Senate · May 23, 2019
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Shareholder Protection Act of 2019
Latest action (May 23, 2019): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: May 23, 2019
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.