,i #aaf? ,,congress #a/ ,session ,h4 ,r4 #icf ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,janu>y #ca1 #bjai,mr4 ,rask9 7= himself1 ,mr4 ,r\da1 ,mr4 ,johnson ( ,georgia1 ,mr4 ,c>bajal1 ,ms4 ,norton1 ,ms4 ,s*ak[sky1 ,mr4 ,soto1 ,mr4 ,blum5au]1 & ,mr4 ,pocan7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices1 & 9 addition to ! ,committee on ,h\se ,adm9i/ration1 = a p]iod to be subsequ5tly det]m9$ by ! ,speak]1 9 ea* case = consid]ation ( su* provisions z fall )9 ! jurisdiction ( ! committee conc]n$ ,a ,,bill ,to am5d ! ,securities ,ex*ange ,act ( #aicd & ! ,f$]al ,election ,campaign ,act ( #aiga to prohibit a corporation f mak+ disbursem5ts = a political purpose unless ! corporation has assess$ ! pref]5ces ( its %>ehold]s ) respect to su* disbursem5ts1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,%>ehold]s ,unit$ ,act ( #bjai4 #b4 ,assessm5t ( %>ehold] pref]5ces = disbursem5ts = political purposes 7a7 ,assessm5t requir$ ,! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;a et seq47 is am5d$ by ins]t+ aft] section #aj;,d ! foll[+3 #aj;,e4 ,assessm5t ( %>ehold] pref]5ces = disbursem5ts = political purposes 7a7 ,assessm5t requir$ be=e mak+ a disbursem5t = a political purpose 7#a7 ,requirem5t ,an issu] ) an equity security li/$ on a national securities ex*ange may n make a disbursem5t = a political purpose unless-- 7,a7 ! issu] has 9 place proc$ures to assess ! pref]5ces ( ! %>ehold]s ( ! issu] ) respect to mak+ su* disbursem5ts2 & 7,b7 su* an assessm5t has be5 made )9 ! #a-ye> p]iod end+ on ! date ( su* disbursem5t4 7#b7 ,treatm5t ( issu]s ^: %>ehold]s are prohibit$ f express+ pref]5ces ,not)/&+ p>agraph 7#a71 an issu] describ$ "u su* p>agraph ) proc$ures 9 place to assess ! pref]5ces ( its %>ehold]s ) respect to mak+ disbursem5ts = political purposes %all n be consid]$ to meet ! requirem5ts ( su* p>agraph if a majority ( ! numb] ( ! out/&+ equity securities ( ! issu] are held by p]sons :o are prohibit$ f express+ p>tisan or political pref]5ces by law1 contract1 or ! requirem5t to meet a fiduci>y duty4 7b7 ,assessm5t requirem5ts ,! assessm5t describ$ "u subsection 7a7 %all assess-- 7#a7 :i* types ( disbursem5ts = a political purpose ! %>ehold] believes ! issu] %\ld make2 7#b7 :e!r ! %>ehold] believes t su* disbursem5ts %\ld be made 9 support (1 or 9 opposition to1 ,republican1 ,democratic1 ,indep5d5t1 or o!r political p>ty c&idates & political committees2 7#c7 :e!r ! %>ehold] believes t su* disbursem5ts %\ld be made ) respect to elections = ,f$]al1 ,/ate1 or local (fice2 & 7#d7 su* o!r in=mation z ! ,commission may specify1 by rule4 7c7 ,disbursem5t = a political purpose def9$ 7#a7 ,9 g5]al ,= purposes ( ?is section1 ! t]m disbursem5t = a political purpose means any ( ! foll[+3 7,a7 ,a disbursem5t = an indep5d5t exp5diture1 z def9$ 9 section #cja7ag7 ( ! ,f$]al ,election ,campaign ,act ( #aiga 7#eb ,u4,s4,c4 #cjaja7ag774 7,b7 ,a disbursem5t = an electione]+ communication1 z def9$ 9 section #cjd7;f7 ( ! ,f$]al ,election ,campaign ,act ( #aiga 7#eb ,u4,s4,c4 #cjajd7;f774 7,c7 ,a disbursem5t = any public communication1 z def9$ 9 section #cja7bb7 ( ! ,f$]al ,election ,campaign ,act ( #aiga 7#eb ,u4,s4,c4 #cjaja7bb77-- 7i7 :i* expressly advocates ! election or defeat ( a cle>ly id5tifi$ c&idate = election = ,f$]al (fice1 or is ! functional equival5t ( express advocacy because1 :5 tak5 z a :ole1 x c be int]pret$ by a reasonable p]son only z advocat+ ! election or defeat ( a c&idate = election = ,f$]al (fice2 or 7ii7 :i* ref]s to a cle>ly id5tifi$ c&idate = election = ,f$]al (fice & :i* promotes or supports a c&idate = t (fice1 or attacks or opposes a c&idate = t (fice1 )\t reg>d to :e!r ! communication expressly advocates a vote = or aga9/ a c&idate = t (fice4 7,d7 ,any o!r disbursem5t :i* is made = ! purpose ( influ5c+ ! outcome ( an election = a public (fice4 7,e7 ,any transf] ( funds to ano!r p]son :i* is made ) ! int5t t su* p]son w use ! funds to make a disbursem5t describ$ 9 subp>agraphs 7,a7 ?r\gh 7,d71 or ) ! k t ! p]son w use ! funds to make su* a disbursem5t4 7#b7 ,exceptions ,! t]m disbursem5t = a political purpose does n include any ( ! foll[+3 7,a7 ,any disbursem5t made f a sep>ate segregat$ fund ( ! corporation "u section #caf ( ! ,f$]al ,election ,campaign ,act ( #aiga 7#eb ,u4,s4,c4 #cjaah74 7,b7 ,any transf] ( funds to ano!r p]son :i* is made 9 a comm]cial transaction 9 ! ord9>y c\rse ( any trade or bus9ess conduct$ by ! corporation or 9 ! =m ( inve/m5ts made by ! corporation4 7,c7 ,any transf] ( funds to ano!r p]son :i* is subject to a writt5 prohibition aga9/ ! use ( ! funds = a disbursem5t = a political purpose4 7d7 ,o!r def9itions ,9 ?is section1 ea* ( ! t]ms c&idate1 election1 political committee1 & political p>ty has ! mean+ giv5 su* t]m "u section #cja ( ! ,f$]al ,election ,campaign ,act ( #aiga 7#eb ,u4,s4,c4 #cjaja74 4 7b7 ,con=m+ am5dm5t to ,f$]al ,election ,campaign ,act ( #aiga ,to prohibit disbursem5ts by corporations fail+ ,to assess pref]5ces ,section #caf ( ! ,f$]al ,election ,campaign ,act ( #aiga 7#eb ,u4,s4,c4 #cjaah7 is am5d$ by add+ at ! end ! foll[+ new subsection3 7d7 ,prohibit+ disbursem5ts by corporations fail+ ,to assess %>ehold] pref]5ces 7#a7 ,prohibition ,x %all be unlawful = a corporation to make a disbursem5t = a political purpose unless ! corporation has 9 place proc$ures to assess ! pref]5ces ( its %>ehold]s ) respect to mak+ su* disbursem5ts1 z provid$ 9 section #aj;,e ( ! ,securities ,ex*ange ,act ( #aicd4 7#b7 ,def9ition ,9 ?is section1 ! t]m disbursem5t = a political purpose has ! mean+ giv5 su* t]m 9 section #aj;,e7c7 ( ! ,securities ,ex*ange ,act ( #aicd4 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply ) respect to disbursem5ts made on or aft] ,decemb] #ca1 #bjai4