This bill would direct the Securities and Exchange Commission (SEC) to issue regulations to require public corporations to disclose political expenditures. Under current law such disclosures to shareholders are voluntary, although corporations must abide by Federal Elections Commission reporting rules.
What is House Bill H.R. 5670?
Cost of House Bill H.R. 5670
In-Depth: Sponsoring Rep. Salud Carbajal (D-CA) introduced this bill to require publicly-traded corporations to disclose their political expenditures to shareholders:
“The Citizens United decision unfortunately opened the door for large corporations, even foreign-controlled ones, to spend unlimited amounts of money on influencing American elections… Unfortunately, Congress has recently prevented the SEC from requiring political disclosures for corporations and that must change. The public has a right to know how powerful, multinational corporations are spending money to influence our political process.”
Of Note: In recent spending bills, Congress has included language to prevent the SEC from implementing new reporting requirements regarding the disclosure of political contributions. This bill would overturn this restriction.
Summary by Lorelei Yang(Photo Credit: Juanmonino / iStock)
Corporate Political Disclosure Act of 2018
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.
- Not enactedThe President has not signed this bill
- The senate has not voted
- The house has not voted
Committee on Financial ServicesIntroducedMay 1st, 2018
- house Committees