Us Congress 2025-2026 Regular Session

Us Congress House Bill HB2190 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	I
2	2	119THCONGRESS
3	3	1
4	4	STSESSION H. R. 2190
5	5	To amend the Securities Exchange Act of 1934 to require reporting of
6	6	certain expenditures for political activities, and for other purposes.
7	7	IN THE HOUSE OF REPRESENTATIVES
8	8	MARCH18, 2025
9	9	Mr. F
10	10	OSTER(for himself, Ms. VELA´ZQUEZ, Mrs. BEATTY, Ms. SCHAKOWSKY,
11	11	Mr. C
12	12	ASTEN, Mr. GARCI´Aof Illinois, and Mr. HIMES) introduced the fol-
13	13	lowing bill; which was referred to the Committee on Financial Services
14	14	A BILL
15	15	To amend the Securities Exchange Act of 1934 to require
16	16	reporting of certain expenditures for political activities,
17	17	and for other purposes.
18	18	Be it enacted by the Senate and House of Representa-1
19	19	tives of the United States of America in Congress assembled, 2
20	20	SECTION 1. SHORT TITLE. 3
21	21	This Act may be cited as the ‘‘Shareholder Political 4
22	22	Transparency Act of 2025’’. 5
23	23	SEC. 2. FINDINGS. 6
24	24	Congress finds that— 7
25	25	(1) corporations make significant political con-8
26	26	tributions and expenditures that directly or indi-9
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29	29	•HR 2190 IH
30	30	rectly influence the election of candidates and sup-1
31	31	port or oppose political causes; 2
32	32	(2) decisions to use corporate funds for political 3
33	33	contributions and expenditures are usually made by 4
34	34	corporate boards and executives, rather than share-5
35	35	holders; 6
36	36	(3) corporations, acting through boards and ex-7
37	37	ecutives, are obligated to conduct business for the 8
38	38	best interests of their owners, the shareholders; 9
39	39	(4) historically, shareholders have not had a 10
40	40	way to know, or to influence, the political activities 11
41	41	of corporations they own; 12
42	42	(5) shareholders and the public have a right to 13
43	43	know how corporate managers are spending com-14
44	44	pany funds to make political contributions and ex-15
45	45	penditures benefitting candidates, political parties, 16
46	46	and political causes; and 17
47	47	(6) corporations should be accountable to share-18
48	48	holders in making political contributions or expendi-19
49	49	tures affecting Federal governance and public policy. 20
50	50	SEC. 3. REPORTING REQUIREMENTS. 21
51	51	Section 13 of the Securities Exchange Act of 1934 22
52	52	(15 U.S.C. 78m) is amended by adding at the end the 23
53	53	following: 24
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56	56	•HR 2190 IH
57	57	‘‘(t) REPORTINGREQUIREMENTSRELATING TOCER-1
58	58	TAINPOLITICALEXPENDITURES.— 2
59	59	‘‘(1) D
60	60	EFINITIONS.—In this subsection: 3
61	61	‘‘(A) E
62	62	XPENDITURE FOR POLITICAL AC -4
63	63	TIVITIES.—The term ‘expenditure for political 5
64	64	activities’— 6
65	65	‘‘(i) means— 7
66	66	‘‘(I) an independent expenditure 8
67	67	(as defined in section 301(17) of the 9
68	68	Federal Election Campaign Act of 10
69	69	1971 (52 U.S.C. 30101(17))); 11
70	70	‘‘(II) an electioneering commu-12
71	71	nication (as defined in section 13
72	72	304(f)(3) of that Act (52 U.S.C. 14
73	73	30104(f)(3))) and any other public 15
74	74	communication (as defined in section 16
75	75	301(22) of that Act (52 U.S.C. 17
76	76	30101(22))) that would be an elec-18
77	77	tioneering communication if it were a 19
78	78	broadcast, cable, or satellite commu-20
79	79	nication; or 21
80	80	‘‘(III) dues or other payments to 22
81	81	trade associations or organizations de-23
82	82	scribed in section 501(c) of the Inter-24
83	83	nal Revenue Code of 1986 and exempt 25
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86	86	•HR 2190 IH
87	87	from tax under section 501(a) of that 1
88	88	Code that are, or could reasonably be 2
89	89	anticipated to be, used or transferred 3
90	90	to another association or organization 4
91	91	for the purposes described in sub-5
92	92	clause (I) or (II); and 6
93	93	‘‘(ii) does not include— 7
94	94	‘‘(I) direct lobbying efforts 8
95	95	through registered lobbyists employed 9
96	96	or hired by the issuer; 10
97	97	‘‘(II) communications by an 11
98	98	issuer to its shareholders and execu-12
99	99	tive or administrative personnel and 13
100	100	their families; or 14
101	101	‘‘(III) the establishment and ad-15
102	102	ministration of contributions to a sep-16
103	103	arate segregated fund to be utilized 17
104	104	for political purposes by a corpora-18
105	105	tion. 19
106	106	‘‘(B) I
107	107	SSUER.—The term ‘issuer’ does not 20
108	108	include an investment company registered 21
109	109	under section 8 of the Investment Company Act 22
110	110	of 1940 (15 U.S.C. 80a–8). 23
111	111	‘‘(2) Q
112	112	UARTERLY REPORTS .— 24
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115	115	•HR 2190 IH
116	116	‘‘(A) REPORTS REQUIRED.—Not later than 1
117	117	180 days after the date of enactment of this 2
118	118	subsection, the Commission shall amend the re-3
119	119	porting rules under this section to require each 4
120	120	issuer with a class of equity securities reg-5
121	121	istered under section 12 of this title to submit 6
122	122	to the Commission and the shareholders of the 7
123	123	issuer a quarterly report containing— 8
124	124	‘‘(i) a description of any expenditure 9
125	125	for political activities made during the pre-10
126	126	ceding quarter; 11
127	127	‘‘(ii) the date of each expenditure for 12
128	128	political activities; 13
129	129	‘‘(iii) the amount of each expenditure 14
130	130	for political activities; 15
131	131	‘‘(iv) if the expenditure for political 16
132	132	activities was made in support of or in op-17
133	133	position to a candidate, the name of the 18
134	134	candidate and the office sought by, and the 19
135	135	political party affiliation of, the candidate; 20
136	136	and 21
137	137	‘‘(v) the name or identity of trade as-22
138	138	sociations or organizations described in 23
139	139	section 501(c) of the Internal Revenue 24
140	140	Code of 1986 and exempt from tax under 25
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143	143	•HR 2190 IH
144	144	section 501(a) of such Code which receive 1
145	145	dues or other payments as described in 2
146	146	paragraph (1)(A)(i)(III). 3
147	147	‘‘(B) P
148	148	UBLIC AVAILABILITY.—The Com-4
149	149	mission shall ensure that the quarterly reports 5
150	150	required under this paragraph are publicly 6
151	151	available through the Internet website of the 7
152	152	Commission and through the EDGAR system in 8
153	153	a manner that is searchable, sortable, and 9
154	154	downloadable, consistent with the requirements 10
155	155	under section 24. 11
156	156	‘‘(3) A
157	157	NNUAL REPORTS.—Not later than 180 12
158	158	days after the date of enactment of this subsection, 13
159	159	the Commission shall, by rule, require each issuer to 14
160	160	include in the annual report of the issuer to share-15
161	161	holders— 16
162	162	‘‘(A) a summary of each expenditure for 17
163	163	political activities made during the preceding 18
164	164	year in excess of $10,000, and each expenditure 19
165	165	for political activities for a particular election if 20
166	166	the total amount of such expenditures for that 21
167	167	election is in excess of $10,000; 22
168	168	‘‘(B) a description of the specific nature of 23
169	169	any expenditure for political activities the issuer 24
170	170	intends to make for the forthcoming fiscal year, 25
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173	173	•HR 2190 IH
174	174	to the extent the specific nature is known to the 1
175	175	issuer; and 2
176	176	‘‘(C) the total amount of expenditures for 3
177	177	political activities intended to be made by the 4
178	178	issuer for the forthcoming fiscal year. 5
179	179	‘‘(4) R
180	180	EPORTS TO CONGRESS.— 6
181	181	‘‘(A) A
182	182	SSESSMENT AND REPORT .—The 7
183	183	Commission shall— 8
184	184	‘‘(i) conduct an annual assessment of 9
185	185	the compliance of issuers with this sub-10
186	186	section; and 11
187	187	‘‘(ii) submit to Congress an annual re-12
188	188	port containing the results of such assess-13
189	189	ment. 14
190	190	‘‘(B) G
191	191	OVERNMENT ACCOUNTABILITY OF -15
192	192	FICE.—The Comptroller General of the United 16
193	193	States shall periodically evaluate and report to 17
194	194	Congress on the effectiveness of the oversight 18
195	195	by the Commission of the reporting and disclo-19
196	196	sure requirements under this subsection.’’. 20
197	197	Æ
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