Mind Your Own Business Act of 2023

Summary

Mind Your Own Business Act of 2023 This bill requires a large publicly traded company to be bound by certain duties and procedures in the event of a legal claim in response to the company's support of specified social or political issues. The company must establish these duties and procedures in the company's articles of incorporation or bylaws as a condition of listing its shares on a national securities exchange. Specifically, a company must establish duties and procedures applicable to a legal claim brought against a corporate defendant for breach of fiduciary duty resulting from a material action . These duties and procedures require that a corporate defendant must be bound by certain factual representations; has the burden of proof with respect to any determination of independent business judgment; and in the event of a judgment on the merits in favor of the claimant, must be jointly and severally liable for money damages in specified amounts. A material action taken by a corporate defendant covered by this bill includes an action taken primarily in response to a state law, state regulation, or state legislation relating to the manner in which elections are conducted in the state, protecting religious freedom, or limiting the availability of abortion services; an action to promote certain social issues regarding race or sex; or other actions unrelated to the company's pecuniary interest. Actions not covered by this bill include charitable contributions, certain exercises of religion, activity related to national security, and the limitation of business with certain nations and entities.

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Timeline

1. 31 January 2023

   Introduced

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

   Source: IntroReferral

2. 31 January 2023

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 31 January 2023 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 31 January 2023

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 31 January 2023

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 31 January 2023

  Open at official source

Sponsors

• Sen. Rubio, Marco [R-FL] · R · Sponsor
• · ssbk00 · Standing

Related records

No cross-record relationships stored yet.