US SB1630 | 2019-2020 | 116th Congress
Status
Spectrum: Partisan Bill (Democrat 17-0)
Status: Introduced on May 23 2019 - 25% progression, died in committee
Action: 2019-05-23 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on May 23 2019 - 25% progression, died in committee
Action: 2019-05-23 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Introduced) [PDF]
Summary
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.
Title
Shareholder Protection Act of 2019
Sponsors
| Sen. Robert Menendez [D-NJ] | Sen. Jeff Merkley [D-OR] | Sen. Jeanne Shaheen [D-NH] | Sen. Mazie Hirono [D-HI] |
| Sen. Cory Booker [D-NJ] | Sen. Richard Blumenthal [D-CT] | Sen. Sheldon Whitehouse [D-RI] | Sen. Chris Van Hollen [D-MD] |
| Sen. Kirsten Gillibrand [D-NY] | Sen. Amy Klobuchar [D-MN] | Sen. Elizabeth Warren [D-MA] | Sen. Tom Udall [D-NM] |
| Sen. Benjamin Cardin [D-MD] | Sen. Edward Markey [D-MA] | Sen. Patrick Leahy [D-VT] | Sen. Richard Durbin [D-IL] |
| Sen. Dianne Feinstein [D-CA] |
History
| Date | Chamber | Action |
|---|---|---|
| 2019-05-23 | Senate | Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. |
Same As/Similar To
SB949 (Related) 2019-03-28 - Read twice and referred to the Committee on Finance.
HB4491 (Related) 2019-09-25 - Referred to the House Committee on Financial Services.
HB5929 (Related) 2020-12-08 - Placed on the Union Calendar, Calendar No. 517.
HB4491 (Related) 2019-09-25 - Referred to the House Committee on Financial Services.
HB5929 (Related) 2020-12-08 - Placed on the Union Calendar, Calendar No. 517.
Subjects
Administrative law and regulatory procedures
Corporate finance and management
Elections, voting, political campaign regulation
Finance and financial sector
Political advertising
Securities
Securities and Exchange Commission (SEC)
Corporate finance and management
Elections, voting, political campaign regulation
Finance and financial sector
Political advertising
Securities
Securities and Exchange Commission (SEC)
US Congress State Sources
| Type | Source |
|---|---|
| Summary | https://www.congress.gov/bill/116th-congress/senate-bill/1630/all-info |
| Text | https://www.congress.gov/116/bills/s1630/BILLS-116s1630is.pdf |
