Summary

Requires public companies to regularly disclose their political spending to shareholders and the Securities and Exchange Commission (SEC). The SEC must write rules, and companies must file quarterly and annual reports that are posted publicly on EDGAR. It defines what counts as political activity for these disclosures, sets deadlines for rulemaking, and requires ongoing oversight. The SEC will provide annual assessments, and the Government Accountability Office (GAO) will conduct periodic evaluations to track how well the system works.

Key Points

• Creates a new SEC reporting requirement for public companies on political spending.
• Defines what counts as an expenditure for political activities for disclosure.
• Requires quarterly and annual disclosures to shareholders and the SEC.
• Publishes all reports on EDGAR for public access.
• Sets deadlines for the SEC to finalize rules.
• Directs the SEC to conduct annual assessments of the disclosure system.
• Directs the GAO to perform periodic evaluations.
• Aims to increase transparency and shareholder oversight without limiting spending.

Categories & Tags