US Congress House Bill 376 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 39-0)
Status: Introduced on January 9 2017 - 25% progression, died in committee
Action: 2017-01-09 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

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.

Shareholder Protection Act of 2017

Rep. Michael Capuano [D-MA]	Rep. Brendan Boyle [D-PA]	Rep. Gerald Connolly [D-VA]	Rep. John Conyers [D-MI]
Rep. Elijah Cummings [D-MD]	Rep. Theodore Deutch [D-FL]	Rep. Keith Ellison [D-MN]	Rep. Zoe Lofgren [D-CA]
Rep. Carolyn Maloney [D-NY]	Rep. James McGovern [D-MA]	Rep. Gwen Moore [D-WI]	Rep. Eleanor Norton [D-DC]
Rep. Chellie Pingree [D-ME]	Rep. John Sarbanes [D-MD]	Rep. Janice Schakowsky [D-IL]	Rep. Louise Slaughter [D-NY]
Rep. Dina Titus [D-NV]	Rep. Niki Tsongas [D-MA]	Rep. John Yarmuth [D-KY]	Rep. Mike Quigley [D-IL]
Rep. William Keating [D-MA]	Rep. Kathy Castor [D-FL]	Rep. Anna Eshoo [D-CA]	Rep. Katherine Clark [D-MA]
Rep. Mark DeSaulnier [D-CA]	Rep. Darren Soto [D-FL]	Rep. Peter DeFazio [D-OR]	Rep. Ruben Gallego [D-AZ]
Rep. Gene Green [D-TX]	Rep. James Langevin [D-RI]	Rep. Steve Cohen [D-TN]	Rep. Robin Kelly [D-IL]
Rep. Grace Meng [D-NY]	Rep. Jerrold Nadler [D-NY]	Sen. Peter Welch [D-VT]	Rep. Ron Kind [D-WI]
Rep. Grace Napolitano [D-CA]	Rep. Mark Pocan [D-WI]	Rep. Richard Nolan [D-MN]

Date	Chamber	Action
2017-01-09	House	Referred to the House Committee on Financial Services.
2017-01-09	House	Introduced in House

SB1726 (Related) 2017-08-02 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
HB5670 (Related) 2018-05-01 - Referred to the House Committee on Financial Services.

Type	Source
Summary	https://www.congress.gov/bill/115th-congress/house-bill/376/all-info
Text	https://www.congress.gov/115/bills/hr376/BILLS-115hr376ih.pdf