Shareholder Protection Act
This bill requires shareholder authorization of certain political expenditures by an issuer. A violation of this requirement shall be considered a breach of fiduciary duty, and the officers and directors who authorized the expenditure shall be subject to joint and several liability. An issuer must require a board vote with respect to political expenditures in excess of $50,000 and, within 48 hours, make publicly available the individual votes of each board member.
| Action Date | Type | Text | Source |
|---|---|---|---|
| 2019-09-25 | IntroReferral | Referred to the House Committee on Financial Services. | House floor actions |
| 2019-09-25 | IntroReferral | Introduced in House | Library of Congress |