Summary

Requires public companies to disclose and report most corporate political spending and payments to certain tax-exempt organizations to the SEC, their shareholders, and the public. The SEC must adopt rules within 180 days to implement quarterly and annual reporting, make the data searchable on EDGAR, and perform annual compliance assessments while the GAO will periodically evaluate SEC oversight. The measure defines covered "expenditures for political activities," lists specific exclusions, sets an annual disclosure threshold for larger payments, and directs regular public availability of reports so shareholders and the public can see how corporate funds are used for political purposes.

• Public companies must report most corporate political spending and related payments to the SEC and shareholders.
• Covered expenditures include independent expenditures, electioneering communications, and certain payments to 501(c) organizations.
• Direct lobbying by registered lobbyists, shareholder communications, and SSF administration are excluded from reporting.
• SEC must adopt implementing rules within 180 days and provide searchable, downloadable disclosures on EDGAR.
• Quarterly reporting is required, and annual disclosures are required for aggregated expenditures above $10,000 and for intended future spending.
• SEC must perform an annual compliance assessment; GAO will periodically evaluate SEC oversight and report to Congress.
• The change increases transparency and likely raises compliance and recordkeeping costs for issuers and related service providers.
• Public availability of data aims to enable shareholder oversight and public scrutiny of corporate political activity.