HR 376 · 115th Congress 2017–2019, ended

Shareholder Protection Act of 2017

Introduced Jan 9, 2017 Originated House Sponsor Michael E. Capuano D-MA

Fact sheet Spreadsheet

Latest action · Jan 9, 2017 Referred to the House Committee on Financial Services.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

  1. IntroducedJan 9, 2017
  2. Passed HouseNot reached
  3. Passed SenateNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

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.

Cosponsors 38

Members who signed on, in the order they did. Signatures ran from Jan 9, 2017 to Feb 28, 2017; 22 are original cosponsors, there from the day it was introduced.

SeatCosponsorSigned on
D-CAAnna G. EshooOriginalJan 9, 2017
D-PABrendan F. BoyleOriginalJan 9, 2017
D-NYCarolyn B. MaloneyOriginalJan 9, 2017
D-MEChellie PingreeOriginalJan 9, 2017
D-NVDina TitusOriginalJan 9, 2017
D-DCEleanor Holmes NortonOriginalJan 9, 2017
D-MDElijah E. CummingsOriginalJan 9, 2017
D-VAGerald E. ConnollyOriginalJan 9, 2017
D-WIGwen MooreOriginalJan 9, 2017
D-MAJames P. McGovernOriginalJan 9, 2017
D-ILJanice D. SchakowskyOriginalJan 9, 2017
D-KYJohn A. YarmuthOriginalJan 9, 2017
D-MIJohn Conyers, Jr.OriginalJan 9, 2017
D-MDJohn P. SarbanesOriginalJan 9, 2017
D-FLKathy CastorOriginalJan 9, 2017
D-MNKeith EllisonOriginalJan 9, 2017
D-NYLouise McIntosh SlaughterOriginalJan 9, 2017
D-ILMike QuigleyOriginalJan 9, 2017
D-MANiki TsongasOriginalJan 9, 2017
D-FLTheodore E. DeutchOriginalJan 9, 2017
D-MAWilliam R. KeatingOriginalJan 9, 2017
D-CAZoe LofgrenOriginalJan 9, 2017
D-MAKatherine M. ClarkJan 20, 2017
D-CAMark DeSaulnierJan 20, 2017
D-FLDarren SotoFeb 2, 2017
D-TXGene GreenFeb 2, 2017
D-CAGrace F. NapolitanoFeb 2, 2017
D-NYGrace MengFeb 2, 2017
D-RIJames R. LangevinFeb 2, 2017
D-NYJerrold NadlerFeb 2, 2017
D-ORPeter A. DeFazioFeb 2, 2017
D-VTPeter WelchFeb 2, 2017
D-ILRobin L. KellyFeb 2, 2017
D-WIRon KindFeb 2, 2017
D-AZRuben GallegoFeb 2, 2017
D-TNSteve CohenFeb 2, 2017
D-WIMark PocanFeb 28, 2017
D-MNRichard M. NolanFeb 28, 2017

Committees 1

Where it was sent and what each committee and subcommittee did with it, in order.

ChamberCommitteeWhat it did
HouseFinancial Services Committee
Referred Jan 9, 2017

Actions 2

Everything that happened, newest first.

  1. Jan 9, 2017Introduced in House
  2. Jan 9, 2017Referred to the House Committee on Financial Services.

Research

What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.

Constitutional authority

Congress has the power to enact this legislation pursuant to the following: ARTICLE 1, SECTION 8, CLAUSE 3

The sponsor’s statement, as printed in the Congressional Record, vol. 163, no. 5, January 9, 2017, page H235.

CRS reports 2

Congressional Research Service work that CRS links to this bill or the law it became, newest first.

Cite it 2

Products on other subjects that cite it, usually among other measures.

Related bills 3

Companion bills and other measures the record links to this one.

BillTitleRelationshipLatest action
HR 446Shareholder Protection Act of 2015Reintroduction ofJan 21, 2015
S 1726Shareholder Protection Act of 2017Related billAug 2, 2017
HR 5670Corporate Political Disclosure Act of 2018Related billMay 1, 2018

Titles 2

Every title it has carried, official and short, at each stage.

Official Title as Introduced
To amend the Securities Exchange Act of 1934 to require shareholder authorization before a public company may make certain political expenditures, and for other purposes.
Short Titles as Introduced
Shareholder Protection Act of 2017

Subjects

Assigned by the Library of Congress. Policy area: Finance and Financial Sector.

Text 1

Each version as it was printed, newest first.

  1. Jan 9, 2017Introduced in House

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.