The bill would require companies with registered equity securities to report certain political spending to the Securities and Exchange Commission (SEC) and their shareholders. Quarterly reports would list spending details, including dates and amounts, and identify candidates and certain organizations that received payments. The SEC would make these reports searchable online. Annual shareholder reports would summarize certain spending over $10,000 and describe planned political spending when known. The bill excludes direct lobbying through registered lobbyists, some communications within a company, and certain political funds.
Shareholders would receive information about covered political spending by companies they own shares in. The public could search and download quarterly reports through the SEC website. The bill does not give shareholders a direct vote on these expenditures.
The bill does not provide an estimate of the costs of these reporting requirements. No publicly available information.
The bill’s findings say shareholders and the public should be able to see how company funds are used for political spending, and that companies should be accountable to shareholders for that spending.
No publicly available information.