Shareholder Protection Act of 2017

Summary

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.

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Timeline

1. 2 August 2017

   Introduced

   Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

   Source: IntroReferral

2. 2 August 2017

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 2 August 2017 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 2 August 2017

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 2 August 2017

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 2 August 2017

  Open at official source

Sponsors

• Sen. Menendez, Robert [D-NJ] · D · Sponsor
• Richard Blumenthal · D · Sponsor
• Edward Markey · D · Sponsor
• Sen. Feinstein, Dianne [D-CA] · D · Sponsor
• Sen. Hirono, Mazie K. [D-HI] · D · Sponsor
• Sen. Franken, Al [D-MN] · D · Sponsor
• Jeanne Shaheen · D · Sponsor
• Elizabeth Warren · D · Sponsor
• Sheldon Whitehouse · D · Sponsor
• Richard Durbin · D · Sponsor
• Jeff Merkley · D · Sponsor
• Chris Van Hollen · D · Sponsor
• Sen. Udall, Tom [D-NM] · D · Sponsor
• Sen. Booker, Cory A. [D-NJ] · D · Sponsor
• Sen. Leahy, Patrick J. [D-VT] · D · Sponsor
• Kirsten Gillibrand · D · Sponsor
• · ssbk00 · Standing

Related records

• related to → Shareholder Protection Act of 2017
• related to ← Corporate Political Disclosure Act of 2018
• related to ← Shareholder Protection Act of 2015