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Shareholder Protection Act of 2021
3/8/2023, 8:26 PM
Congressional Summary of S 530
Shareholder Protection Act of 2021
This bill requires shareholder authorization of certain political expenditures by a publicly traded company. A violation of this requirement is considered a breach of fiduciary duty, and the officers and directors who authorized the expenditure are subject to joint and several liability. A publicly traded company 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.
Read the Full Bill
Current Status of Bill S 530
Bill S 530 is currently in the status of Bill Introduced since March 2, 2021. Bill S 530 was introduced during Congress 117 and was introduced to the Senate on March 2, 2021. Bill S 530's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of March 2, 2021
Bipartisan Support of Bill S 530
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
16Democrat Cosponsors
16Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 530
Primary Policy Focus
Finance and Financial SectorPotential Impact Areas
- Administrative law and regulatory procedures
- Corporate finance and management
- Elections, voting, political campaign regulation
- Political advertising
- Securities
- Securities and Exchange Commission (SEC)
Alternate Title(s) of Bill S 530
Shareholder Protection Act of 2021
A bill 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.
Shareholder Protection Act of 2021
Comments
Sponsors and Cosponsors of S 530
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