[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 944 Introduced in House (IH)]







105th CONGRESS
  1st Session
                                H. R. 944

   To amend the Securities Exchange Act of 1934 to require improved 
    disclosure of corporate charitable contributions, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 5, 1997

  Mr. Gillmor (for himself, Mr. Oxley, and Mr. Manton) introduced the 
    following bill; which was referred to the Committee on Commerce

_______________________________________________________________________

                                 A BILL


 
   To amend the Securities Exchange Act of 1934 to require improved 
    disclosure of corporate charitable contributions, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. CHARITABLE CONTRIBUTIONS.

    Section 14 of the Securities Exchange Act of 1934 (15 U.S.C. 78n) 
is amended by adding at the end thereof the following new subsection:
    ``(i) Disclosure of Charitable Contributions.--The statement or 
other disclosure documents accompanying any proxy, consent, or 
authorization solicited by or on behalf of the management of an issuer 
in respect of a security registered pursuant to section 12 of this 
title, or a security issued by an investment company registered under 
the Investment Company Act of 1940, prior to any annual or other 
meeting of the holders of such security, shall include a disclosure of 
the issuer's charitable contributions during the preceding fiscal year, 
including the identity of and the amount provided to each recipient of 
such contributions. The Commission may, by rule, grant exemptions from 
the requirements of this subsection for gifts of tangible personal 
property, gifts to public or private nonprofit educational 
institutions, and gifts to local charities, consistent with the public 
interest, the protection of investors, and the purposes of this 
subsection.''.
                                 <all>