Shareholder Protection Act

Shareholder Protection Act
Great Seal of the United States
Long title 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.
Legislative history
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The proposed Shareholder Protection Act[1] is a bill that was introduced to the United States House of Representatives in 2010. It would amend the Securities Exchange Act of 1934 to require that any solicitation of a proxy, consent, or authorization with respect to any security of an issuer: (1) describe the specific nature and total amount of expenditures proposed for political activities for the forthcoming fiscal year; and (2) provide for a separate shareholder vote to authorize such proposed expenditures. The bill was introduced by Representative Michael Capuano, a Democrat from Massachusetts, partially as a response to the Supreme Court's ruling in Citizens United v. Federal Election Commission.[2] As of October 10, 2010, it had 49 cosponsors.

Name

The bill was introduced as H.R. 4790 on March 9, 2010.[1] It has the official short title: the Shareholder Protection Act.[3] Its official long title is:

“ 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. ”

References

  1. 1 2 H.R. 4790
  2. ↑ Holman, Craig (March 11, 2010). "Holman: Congress Must Pass Shareholder Protection Act". Roll Call. Retrieved September 25, 2010.
  3. ↑ Section 1 states "This Act may be cited as the 'Shareholder Protection Act of 2010'.


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