,,ib ,union ,cal5d> ,no4 #eag #aaf? ,,congress #b;d ,session ,h4 ,r4 #eibi ,report ,no4 #aaf-fcb ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,febru>y #ba1 #bjbj,mr4 ,fo/] 7= himself1 ,mr4 ,wel*1 ,ms4 ,norton1 ,ms4 ,s*ak[sky1 ,ms4 ,velzquez1 ,mr4 ,de,fazio1 ,mr4 ,c>bajal1 ,ms4 ,m5g1 ,mr4 ,mal9[ski1 ,mr4 ,nadl]1 ,mr4 ,phillips1 & ,mr4 ,cr[7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,decemb] #h1 #bjbj;,additional sponsors3 ,mr4 ,rask91 ,mr4 ,heck1 ,mr4 ,cleav]1 ,mr4 ,lyn*1 ,mr4 ,g>ca ( ,ill9ois1 ,mr4 ,p]lmutt]1 ,mr4 ,quigley1 & ,mr4 ,c>twright ,decemb] #h1 #bjbj,report$ ) an am5dm5t1 committ$ to ! ,committee ( ! ,:ole ,h\se on ! ,/ate ( ! ,union1 & ord]$ to be printed,strike out all aft] ! enact+ clause & ins]t ! "p pr9t$ 9 italic,for text ( introduc$ bill1 see copy ( bill z introduc$ on ,febru>y #ba1 #bjbj ,a ,,bill ,to am5d ! ,securities ,ex*ange ,act ( #aicd to require report+ ( c]ta9 exp5ditures = political activities1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,%>ehold] ,political ,transp>5cy ,act ( #bjbj4 #b4 ,f9d+s ,congress f9ds t-- 7#a7 corporations make significant political contributions & exp5ditures t directly or indirectly influ5ce ! election ( c&idates & support or oppose political causes2 7#b7 decisions to use corporate funds = political contributions & exp5ditures are usually made by corporate bo>ds & executives1 r ?an %>ehold]s2 7#c7 corporations1 act+ ?r\gh bo>ds & executives1 are obligat$ to conduct bus9ess = ! be/ int]e/s ( _! own]s1 ! %>ehold]s2 7#d7 hi/orically1 %>ehold]s h n _h a way to "k1 or to influ5ce1 ! political activities ( corporations !y own2 7#e7 %>ehold]s & ! public h a "r to "k h[ corporate manag]s are sp5d+ company funds to make political contributions & exp5ditures b5efitt+ c&idates1 political p>ties1 & political causes2 & 7#f7 corporations %\ld be acc\ntable to %>ehold]s 9 mak+ political contributions or exp5ditures affect+ ,f$]al gov]nance & public policy4 #c4 ,report+ requirem5ts ,section #ac ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghm7 is am5d$ by add+ at ! end ! foll[+3 7s7 ,report+ requirem5ts relat+ to c]ta9 political exp5ditures 7#a7 ,def9itions ,9 ?is subsection3 7,a7 ,exp5diture = political activities ,! t]m exp5diture = political activities-- 7i7 means-- 7,i7 an indep5d5t exp5diture 7z def9$ 9 section #cja7ag7 ( ! ,f$]al ,election ,campaign ,act ( #aiga 7#eb ,u4,s4,c4 #cjaja7ag7772 7,,ii7 an electione]+ communication 7z def9$ 9 section #cjd7;f77#c7 ( t ,act 7#eb ,u4,s4,c4 #cjajd7;f77#c777 & any o!r public communication 7z def9$ 9 section #cja7bb7 ( t ,act 7#eb ,u4,s4,c4 #cjaja7bb777 t w\ld be an electione]+ communication if x 7 a broadca/1 cable1 or satellite communication2 or 7,,iii7 dues or o!r paym5ts to trade associations or organizations describ$ 9 section #eja7;c7 ( ! ,int]nal ,rev5ue ,code ( #aihf & exempt f tax "u section #eja7;a7 ( t ,code t are1 or c\ld reasonably be anticipat$ to be1 us$ or transf]r$ to ano!r association or organization = ! purposes describ$ 9 subclause 7,i7 or 7,,ii72 & 7ii7 does n include-- 7,i7 direct lobby+ ef=ts ?r\gh regi/]$ lobbyi/s employ$ or hir$ by ! issu]2 7,,ii7 communications by an issu] to its %>ehold]s & executive or adm9i/rative p]sonnel & _! families2 or 7,,iii7 ! e/abli%m5t & adm9i/ration ( contributions to a sep>ate segregat$ fund to be utiliz$ = political purposes by a corporation4 7,b7 ,issu] ,! t]m issu] does n include an inve/m5t company regi/]$ "u section #h ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#h74 7#b7 ,qu>t]ly reports 7,a7 ,reports requir$ ,n lat] ?an #ahj days aft] ! date ( enactm5t ( ?is subsection1 ! ,commission %all am5d ! report+ rules "u ?is section to require ea* issu] ) a class ( equity securities regi/]$ "u section #ab ( ?is title to submit to ! ,commission & ! %>ehold]s ( ! issu] a qu>t]ly report conta9+-- 7i7 a description ( any exp5diture = political activities made dur+ ! prec$+ qu>t]2 7ii7 ! date ( ea* exp5diture = political activities2 7iii7 ! am\nt ( ea* exp5diture = political activities2 7iv7 if ! exp5diture = political activities 0 made 9 support ( or 9 opposition to a c&idate1 ! "n ( ! c&idate & ! (fice s\ght by1 & ! political p>ty affiliation (1 ! c&idate2 & 7v7 ! "n or id5tity ( trade associations or organizations describ$ 9 section #eja7;c7 ( ! ,int]nal ,rev5ue ,code ( #aihf & exempt f tax "u section #eja7;a7 ( su* ,code :i* receive dues or o!r paym5ts z describ$ 9 p>agraph 7#a77;,a77i77,,iii74 7,b7 ,public availability ,! ,commission %all ensure t ! qu>t]ly reports requir$ "u ?is p>agraph are publicly available ?r\gh ! ,int]net website ( ! ,commission & ?r\gh ! ,,edg> sy/em 9 a mann] t is se>*able1 sortable1 & d[nloadable1 consi/5t ) ! requirem5ts "u section #bd4 7#c7 ,annual reports ,n lat] ?an #ahj days aft] ! date ( enactm5t ( ?is subsection1 ! ,commission %all1 by rule1 require ea* issu] to include 9 ! annual report ( ! issu] to %>ehold]s-- 7,a7 a summ>y ( ea* exp5diture = political activities made dur+ ! prec$+ ye> 9 excess ( #aj1jjj1 & ea* exp5diture = political activities = a p>ticul> election if ! total am\nt ( su* exp5ditures = t election is 9 excess ( #aj1jjj2 7,b7 a description ( ! specific nature ( any exp5diture = political activities ! issu] int5ds to make = ! =?com+ fiscal ye>1 to ! ext5t ! specific nature is kn[n to ! issu]2 & 7,c7 ! total am\nt ( exp5ditures = political activities int5d$ to be made by ! issu] = ! =?com+ fiscal ye>4 4 #d4 ,reports 7a7 ,securities & ,ex*ange ,commission ,! ,securities & ,ex*ange ,commission %all-- 7#a7 conduct an annual assessm5t ( ! compliance ( issu]s ) section #ac7s7 ( ! ,securities ,ex*ange ,act ( #aicd1 z add$ by ?is ,act2 & 7#b7 submit to ,congress an annual report conta9+ ! results ( ! assessm5t "u p>agraph 7#a74 7b7 ,gov]nm5t ,acc\ntability ,(fice ,! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all p]iodically evaluate & report to ,congress on ! effectiv5ess ( ! ov]sight by ! ,securities & ,ex*ange ,commission ( ! report+ & disclosure requirem5ts "u section #ac7s7 ( ! ,securities ,ex*ange ,act ( #aicd1 z add$ by ?is ,act4 ,decemb] #h1 #bjbj,report$ ) an am5dm5t1 committ$ to ! ,committee ( ! ,:ole ,h\se on ! ,/ate ( ! ,union1 & ord]$ to be pr9t$