This bill requires publicly traded corporations to disclose their political spending to shareholders and the public. Specifically, companies would need to file quarterly reports with the Securities and Exchange Commission detailing political contributions, independent expenditures, electioneering communications, and payments to trade associations that may be used for political purposes—all broken down by amount, date, and candidate or cause. Annual shareholder reports would also summarize political spending over $10,000 and forecast intended spending for the coming year. The SEC has 180 days after the bill's enactment to create new rules implementing these requirements and must make all reports searchable and downloadable on its website. The bill exempts direct lobbying by registered lobbyists and internal corporate communications, and the SEC and Government Accountability Office would conduct annual assessments of corporate compliance.
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