,,ib ,union ,calendar ,no4 #eag #aafth ,,congress #b;d ,session ,h4 ,r4 #eibi ,report ,no4 #aaf-fcb ,,in ,,the ,,house ,,of ,,representatives ,february #ba1 #bjbj,mr4 ,foster 7for himself1 ,mr4 ,welch1 ,ms4 ,norton1 ,ms4 ,schakowsky1 ,ms4 ,velzquez1 ,mr4 ,de,fazio1 ,mr4 ,carbajal1 ,ms4 ,meng1 ,mr4 ,malinowski1 ,mr4 ,nadler1 ,mr4 ,phillips1 and ,mr4 ,crow7 introduced the following bill2 which was referred to the ,committee on ,financial ,services ,december #h1 #bjbj;,additional sponsors3 ,mr4 ,raskin1 ,mr4 ,heck1 ,mr4 ,cleaver1 ,mr4 ,lynch1 ,mr4 ,garca of ,illinois1 ,mr4 ,perlmutter1 ,mr4 ,quigley1 and ,mr4 ,cartwright ,december #h1 #bjbj,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed,strike out all after the enacting clause and insert the part printed in italic,for text of introduced bill1 see copy of bill as introduced on ,february #ba1 #bjbj ,a ,,bill ,to amend the ,securities ,exchange ,act of #aicd to require reporting of certain expenditures for political activities1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,shareholder ,political ,transparency ,act of #bjbj4 #b4 ,findings ,congress finds that-- 7#a7 corporations make significant political contributions and expenditures that directly or indirectly influence the election of candidates and support or oppose political causes2 7#b7 decisions to use corporate funds for political contributions and expenditures are usually made by corporate boards and executives1 rather than shareholders2 7#c7 corporations1 acting through boards and executives1 are obligated to conduct business for the best interests of their owners1 the shareholders2 7#d7 historically1 shareholders have not had a way to know1 or to influence1 the political activities of corporations they own2 7#e7 shareholders and the public have a right to know how corporate managers are spending company funds to make political contributions and expenditures benefitting candidates1 political parties1 and political causes2 and 7#f7 corporations should be accountable to shareholders in making political contributions or expenditures affecting ,federal governance and public policy4 #c4 ,reporting requirements ,section #ac of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghm7 is amended by adding at the end the following3 7s7 ,reporting requirements relating to certain political expenditures 7#a7 ,definitions ,in this subsection3 7,a7 ,expenditure for political activities ,the term expenditure for political activities-- 7i7 means-- 7,i7 an independent expenditure 7as defined in section #cja7ag7 of the ,federal ,election ,campaign ,act of #aiga 7#eb ,u4,s4,c4 #cjaja7ag7772 7,,ii7 an electioneering communication 7as defined in section #cjd7;f77#c7 of that ,act 7#eb ,u4,s4,c4 #cjajd7;f77#c777 and any other public communication 7as defined in section #cja7bb7 of that ,act 7#eb ,u4,s4,c4 #cjaja7bb777 that would be an electioneering communication if it were a broadcast1 cable1 or satellite communication2 or 7,,iii7 dues or other payments to trade associations or organizations described in section #eja7;c7 of the ,internal ,revenue ,code of #aihf and exempt from tax under section #eja7;a7 of that ,code that are1 or could reasonably be anticipated to be1 used or transferred to another association or organization for the purposes described in subclause 7,i7 or 7,,ii72 and 7ii7 does not include-- 7,i7 direct lobbying efforts through registered lobbyists employed or hired by the issuer2 7,,ii7 communications by an issuer to its shareholders and executive or administrative personnel and their families2 or 7,,iii7 the establishment and administration of contributions to a separate segregated fund to be utilized for political purposes by a corporation4 7,b7 ,issuer ,the term issuer does not include an investment company registered under section #h of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#h74 7#b7 ,quarterly reports 7,a7 ,reports required ,not later than #ahj days after the date of enactment of this subsection1 the ,commission shall amend the reporting rules under this section to require each issuer with a class of equity securities registered under section #ab of this title to submit to the ,commission and the shareholders of the issuer a quarterly report containing-- 7i7 a description of any expenditure for political activities made during the preceding quarter2 7ii7 the date of each expenditure for political activities2 7iii7 the amount of each expenditure for political activities2 7iv7 if the expenditure for political activities was made in support of or in opposition to a candidate1 the name of the candidate and the office sought by1 and the political party affiliation of1 the candidate2 and 7v7 the name or identity of trade associations or organizations described in section #eja7;c7 of the ,internal ,revenue ,code of #aihf and exempt from tax under section #eja7;a7 of such ,code which receive dues or other payments as described in paragraph 7#a77;,a77i77,,iii74 7,b7 ,public availability ,the ,commission shall ensure that the quarterly reports required under this paragraph are publicly available through the ,internet website of the ,commission and through the ,,edgar system in a manner that is searchable1 sortable1 and downloadable1 consistent with the requirements under section #bd4 7#c7 ,annual reports ,not later than #ahj days after the date of enactment of this subsection1 the ,commission shall1 by rule1 require each issuer to include in the annual report of the issuer to shareholders-- 7,a7 a summary of each expenditure for political activities made during the preceding year in excess of #aj1jjj1 and each expenditure for political activities for a particular election if the total amount of such expenditures for that election is in excess of #aj1jjj2 7,b7 a description of the specific nature of any expenditure for political activities the issuer intends to make for the forthcoming fiscal year1 to the extent the specific nature is known to the issuer2 and 7,c7 the total amount of expenditures for political activities intended to be made by the issuer for the forthcoming fiscal year4 4 #d4 ,reports 7a7 ,securities and ,exchange ,commission ,the ,securities and ,exchange ,commission shall-- 7#a7 conduct an annual assessment of the compliance of issuers with section #ac7s7 of the ,securities ,exchange ,act of #aicd1 as added by this ,act2 and 7#b7 submit to ,congress an annual report containing the results of the assessment under paragraph 7#a74 7b7 ,government ,accountability ,office ,the ,comptroller ,general of the ,united ,states shall periodically evaluate and report to ,congress on the effectiveness of the oversight by the ,securities and ,exchange ,commission of the reporting and disclosure requirements under section #ac7s7 of the ,securities ,exchange ,act of #aicd1 as added by this ,act4 ,december #h1 #bjbj,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed