I 
119TH CONGRESS 
1ST SESSION H. R. 2190 
To amend the Securities Exchange Act of 1934 to require reporting of 
certain expenditures for political activities, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 18, 2025 
Mr. FOSTER (for himself, Ms. VELA´ZQUEZ, Mrs. BEATTY, Ms. SCHAKOWSKY, 
Mr. CASTEN, Mr. GARCI´A of Illinois, and Mr. HIMES) introduced the fol-
lowing bill; which was referred to the Committee on Financial Services 
A BILL 
To amend the Securities Exchange Act of 1934 to require 
reporting of certain expenditures for political activities, 
and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Shareholder Political 
Transparency Act of 2025’’. 
SEC. 2. FINDINGS. 
Congress finds that— 
(1) corporations make significant political con-
tributions and expenditures that directly or indi-
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rectly influence the election of candidates and sup-
port or oppose political causes; 
(2) decisions to use corporate funds for political 
contributions and expenditures are usually made by 
corporate boards and executives, rather than share-
holders; 
(3) corporations, acting through boards and ex-
ecutives, are obligated to conduct business for the 
best interests of their owners, the shareholders; 
(4) historically, shareholders have not had a 
way to know, or to influence, the political activities 
of corporations they own; 
(5) shareholders and the public have a right to 
know how corporate managers are spending com-
pany funds to make political contributions and ex-
penditures benefitting candidates, political parties, 
and political causes; and 
(6) corporations should be accountable to share-
holders in making political contributions or expendi-
tures affecting Federal governance and public policy. 
SEC. 3. 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: 
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‘‘(t) REPORTING REQUIREMENTS RELATING TO CER-
TAIN POLITICAL EXPENDITURES.— 
‘‘(1) DEFINITIONS.—In this subsection: 
‘‘(A) EXPENDITURE
FOR
POLITICAL
AC-
TIVITIES.—The term ‘expenditure for political 
activities’— 
‘‘(i) means— 
‘‘(I) an independent expenditure 
(as defined in section 301(17) of the 
Federal Election Campaign Act of 
1971 (52 U.S.C. 30101(17))); 
‘‘(II) an electioneering commu-
nication 
(as 
defined 
in 
section 
304(f)(3) of that Act (52 U.S.C. 
30104(f)(3))) and any other public 
communication (as defined in section 
301(22) of that Act (52 U.S.C. 
30101(22))) that would be an elec-
tioneering communication if it were a 
broadcast, cable, or satellite commu-
nication; or 
‘‘(III) dues or other payments to 
trade associations or organizations de-
scribed in section 501(c) of the Inter-
nal Revenue Code of 1986 and exempt 
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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 the purposes described in sub-
clause (I) or (II); and 
‘‘(ii) does not include— 
‘‘(I) 
direct 
lobbying 
efforts 
through registered lobbyists employed 
or hired by the issuer; 
‘‘(II) 
communications 
by 
an 
issuer to its shareholders and execu-
tive or administrative personnel and 
their families; or 
‘‘(III) the establishment and ad-
ministration of contributions to a sep-
arate segregated fund to be utilized 
for political purposes by a corpora-
tion. 
‘‘(B) ISSUER.—The term ‘issuer’ does not 
include an investment company registered 
under section 8 of the Investment Company Act 
of 1940 (15 U.S.C. 80a–8). 
‘‘(2) QUARTERLY REPORTS.— 
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‘‘(A) REPORTS REQUIRED.—Not later than 
180 days after the date of enactment of this 
subsection, the Commission shall amend the re-
porting rules under this section to require each 
issuer with a class of equity securities reg-
istered under section 12 of this title to submit 
to the Commission and the shareholders of the 
issuer a quarterly report containing— 
‘‘(i) a description of any expenditure 
for political activities made during the pre-
ceding quarter; 
‘‘(ii) the date of each expenditure for 
political activities; 
‘‘(iii) the amount of each expenditure 
for political activities; 
‘‘(iv) if the expenditure for political 
activities was made in support of or in op-
position to a candidate, the name of the 
candidate and the office sought by, and the 
political party affiliation of, the candidate; 
and 
‘‘(v) the name or identity of trade as-
sociations or organizations described in 
section 501(c) of the Internal Revenue 
Code of 1986 and exempt from tax under 
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section 501(a) of such Code which receive 
dues or other payments as described in 
paragraph (1)(A)(i)(III). 
‘‘(B) PUBLIC
AVAILABILITY.—The Com-
mission shall ensure that the quarterly reports 
required under this paragraph are publicly 
available through the Internet website of the 
Commission and through the EDGAR system in 
a manner that is searchable, sortable, and 
downloadable, consistent with the requirements 
under section 24. 
‘‘(3) ANNUAL REPORTS.—Not later than 180 
days after the date of enactment of this subsection, 
the Commission shall, by rule, require each issuer to 
include in the annual report of the issuer to share-
holders— 
‘‘(A) a summary of each expenditure for 
political activities made during the preceding 
year in excess of $10,000, and each expenditure 
for political activities for a particular election if 
the total amount of such expenditures for that 
election is in excess of $10,000; 
‘‘(B) a description of the specific nature of 
any expenditure for political activities the issuer 
intends to make for the forthcoming fiscal year, 
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to the extent the specific nature is known to the 
issuer; and 
‘‘(C) the total amount of expenditures for 
political activities intended to be made by the 
issuer for the forthcoming fiscal year. 
‘‘(4) REPORTS TO CONGRESS.— 
‘‘(A) ASSESSMENT
AND
REPORT.—The 
Commission shall— 
‘‘(i) conduct an annual assessment of 
the compliance of issuers with this sub-
section; and 
‘‘(ii) submit to Congress an annual re-
port containing the results of such assess-
ment. 
‘‘(B) GOVERNMENT ACCOUNTABILITY OF-
FICE.—The Comptroller General of the United 
States shall periodically evaluate and report to 
Congress on the effectiveness of the oversight 
by the Commission of the reporting and disclo-
sure requirements under this subsection.’’. 
Æ 
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