S. 530 · 117th Congress
Shareholder Protection Act of 2021
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
MenendezSponsor16 cosponsors · 16 D
D
Baldwin
RB
D
Blumenthal
CB
D
Booker
RD
D
Durbin
DF
D
Feinstein
KG
D
Gillibrand
MH
D
Hirono
AK
D
Klobuchar
PL
D
Leahy
EM
D
Markey
JM
D
Merkley
JS
D
Shaheen
CV
D
Van Hollen
SW
D
Whitehouse
EW
D
Warren
BC
D
Cardin15 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 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.
What it does: CRS summary · Introduced in Senate · Mar 2, 2021
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Shareholder Protection Act of 2021
Latest action (Mar 2, 2021): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Mar 2, 2021
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.