[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 887 Introduced in House (IH)]







106th CONGRESS
  1st Session
                                H. R. 887

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 1, 1999

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

_______________________________________________________________________

                                 A BILL


 
 To amend the Securities and 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. DISCLOSURE OF CHARITABLE CONTRIBUTIONS.

    Section 14 of the Securities and 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.--
            ``(1) Disclosures required.--The proxy statement or other 
        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 
        meeting of the holders of such security, or, if proxies, 
        consents, or authorizations are not solicited by the management 
        in respect of the annual meeting, the written information 
        statement distributed in connection therewith, shall include a 
        disclosure of contributions whose value exceeds such amount as 
        may be designated by the Commission, consistent with the public 
        interest and the protection of investors, that were made by the 
        issuer during the issuer's previous year to any nonprofit 
        organization of which a director, officer, or controlling 
        person of the issuer, or a spouse thereof, was a director or 
        trustee, including the name of the nonprofit organization and 
        the value of the contribution. The Commission may, by such 
        rules and regulations as it deems necessary or appropriate in 
        the public interest, define the terms executive officer and 
        controlling person.
            ``(2) Annual statements required.--Every issuer with 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, shall annually make available, 
        in a format designated by the Commission, the total value of 
        contributions made by the issuer to nonprofit organizations 
        during its previous fiscal year, and, if the value of 
        contributions to any organization exceeds such amount as may be 
        designated by the Commission, consistent with the public 
        interest and the protection of investors, the name of that 
        organization and the value of contributions.''.
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