[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5670 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 5670

 To amend the Securities Exchange Act of 1934 to direct the Securities 
    and Exchange Commission to issue regulations to require public 
    corporations to disclose political expenditures, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 1, 2018

 Mr. Carbajal introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To amend the Securities Exchange Act of 1934 to direct the Securities 
    and Exchange Commission to issue regulations to require public 
    corporations to disclose political expenditures, 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. SHORT TITLE.

    This Act may be cited as the ``Corporate Political Disclosure Act 
of 2018''.

SEC. 2. DISCLOSURE OF CORPORATE EXPENDITURES FOR POLITICAL ACTIVITIES.

    (a) Amendment to Reporting Requirements.--Section 13 of the 
Securities Exchange Act of 1934 (15 U.S.C. 78m) is amended by adding at 
the end the following:
    ``(s) Reporting Requirements Related to Expenditures for Political 
Activities.--
            ``(1) Reports required.--Each issuer required to file an 
        annual report under this section shall disclose in that report, 
        and publish on an internet website accessible to the 
        shareholders of such issuer and to the public, a summary of 
        expenditures for political activities made during the preceding 
        year.
            ``(2) Expenditure for political activities defined.--In 
        this subsection, the term `expenditure for political 
        activities' means any--
                    ``(A) independent expenditure (as defined in 
                section 301(17) of the Federal Election Campaign Act of 
                1971);
                    ``(B) electioneering communication (as defined in 
                section 304(f)(3) of that Act) and any other public 
                communication (as defined in section 301(22) of that 
                Act) that would be an electioneering communication if 
                it were a broadcast, cable, or satellite communication; 
                or
                    ``(C) dues or other payments to trade associations 
                or organizations described in section 501(c) of the 
                Internal Revenue Code of 1986 and exempt from tax under 
                section 501(a) of that Code that are, or could 
                reasonably be anticipated to be, used or transferred to 
                another association or organization for a use described 
                in paragraphs (1), (2), or (4) of such section 
                501(c).''.
    (b) Rulemaking.--Not later than 90 days after the enactment of this 
Act, the Securities and Exchange Commission shall issue regulations to 
carry out the amendment made by subsection (a).
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