(2 U.S.C. 431(1))) $50,000 or more. An issuer shall make 
publicly available the individual votes of the directors re-
quired by the preceding sentence within 48 hours of the vote, 
including in a clear and conspicuous location on the Inter-
net website of the issuer.’’. 
(b) NO EFFECT ON DETERMINATION OF COORDINA-
TION WITH CANDIDATES OR CAMPAIGNS.—For purposes of 
determining whether an expenditure for political activities 
by an issuer under the Securities Exchange Act of 1934 is 
an independent expenditure under the Federal Election 
Campaign Act of 1971, the expenditure may not be treated 
as made in concert or cooperation with, or at the request 
or suggestion of, any candidate or committee solely on the 
grounds that any director of the issuer voted on the expendi-
ture as required under section 16A(b) of the Securities Ex-
change Act of 1934 (as added by subsection (a)). 
SEC. 5. 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: 
‘‘(r) REPORTING REQUIREMENTS RELATING TO CER-
TAIN POLITICAL EXPENDITURES.— 
‘‘(1) QUARTERLY REPORTS.—Not later than 180 
days after the date of enactment of this subsection, the 
Commission shall modify its reporting rules under 
this section to require issuers to disclose quarterly 
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any expenditure for political activities (as such term 
is defined in section 14C(d)(1)) made during the pre-
ceding quarter and the individual votes by board 
members authorizing such expenditures as required 
under section 16A(b). Such a report shall be filed 
with the Commission and provided to shareholders 
and shall include— 
‘‘(A) the date of each expenditure; 
‘‘(B) the amount of each expenditure; 
‘‘(C) if the expenditure was made for or 
against a candidate, the name of the candidate, 
the office sought by and the political party affili-
ation of the candidate; and 
‘‘(D) the name or identity of trade associa-
tions or other tax-exempt organizations which re-
ceive dues or other payments as described in sec-
tion 14C(d)(1)(B). 
‘‘(2) ANNUAL
REPORTS.—Not later than 180 
days after the date of enactment of this subsection, the 
Commission shall, by rule, require each issuer to in-
clude in its annual report to shareholders an annual 
summary of all expenditures for political activities 
(as such term is defined in section 14C(d)(1)) made 
during the preceding year in excess of $10,000. 
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‘‘(3) DISCLOSURE OF MATERIALS PURCHASED BY 
POLITICAL
EXPENDITURES.—The Commission shall, 
by rule, require each issuer to obtain and disclose in 
the reports required under this section, any materials 
created with or purchased by any expenditure for po-
litical activities (as such term is defined in section 
14C(d)) made by the issuer. Such rule shall also re-
quire that each issuer disclose such materials in a 
clear and conspicuous location on the Internet website 
of the issuer within 48 hours of obtaining the mate-
rials. 
‘‘(4) PUBLIC
AVAILABILITY.—The Commission 
shall ensure that, to the greatest extent practicable, 
the quarterly reports required by this subsection are 
publicly available through the Commission website 
and through the EDGAR system in a manner that is 
searchable, sortable, and downloadable, consistent 
with the requirements of section 24.’’. 
SEC. 6. REPORTS. 
The Securities and Exchange Commission shall annu-
ally assess the compliance of public corporations and their 
management with the requirements of the amendments 
made by this Act, and shall transmit to Congress an annual 
report of its findings. The Comptroller General of the 
United States shall periodically evaluate and report to Con-
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gress on the effectiveness of the Securities and Exchange 
Commission’s oversight of the reporting and disclosure re-
quirements of the amendments made by this Act. 
SEC. 7. SEVERABILITY. 
If any provision of this Act, an amendment made by 
this Act, or the application of such provision or amendment 
to any person or circumstance is held to be unconstitu-
tional, the remainder of this Act, the amendments made by 
this Act, and the application of such provision or amend-
ment to any person or circumstance shall not be affected 
thereby. 
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