operation with, or at the request or suggestion of, any can-
didate or committee solely because a member of the board 
of directors of the issuer voted on the expenditure as re-
quired under this section.’’. 
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: 
‘‘(s) REPORTING REQUIREMENTS RELATING TO CER-
TAIN POLITICAL EXPENDITURES.— 
‘‘(1) DEFINITIONS.—In this subsection, the 
terms ‘expenditure for political activities’ and 
‘issuer’ have the meanings given the terms in section 
14C. 
‘‘(2) QUARTERLY REPORTS.— 
‘‘(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 to submit to the Com-
mission and the shareholders of the issuer a 
quarterly report containing— 
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‘‘(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) the votes of each member of the 
board of directors of the issuer authorizing 
the expenditure for political activity, as re-
quired under section 16A(c); 
‘‘(v) if the expenditure for political ac-
tivities was made in support of or in oppo-
sition to a candidate, the name of the can-
didate and the office sought by, and the 
political party affiliation of, the candidate; 
and 
‘‘(vi) 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 
section 501(a) of such Code that receive 
dues or other payments as described in 
section 14C(a)(1)(A)(iii). 
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‘‘(B) PUBLIC
AVAILABILITY.—The Com-
mission shall ensure that, to the greatest extent 
practicable, 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 summary of each expenditure for political 
activities made during the preceding year in excess 
of $10,000, and each expenditure for political activi-
ties for a particular election if the total amount of 
such expenditures for that election is in excess of 
$10,000.’’. 
SEC. 6. REPORTS. 
(a) SECURITIES AND EXCHANGE COMMISSION.—The 
Securities and Exchange Commission shall— 
(1) conduct an annual assessment of the com-
pliance of issuers and officers and members of the 
boards of directors of issuers with sections 13(s), 
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14C, and 16A of the Securities Exchange Act of 
1934, as added by this Act; and 
(2) submit to Congress an annual report con-
taining the results of the assessment under para-
graph (1). 
(b) GOVERNMENT ACCOUNTABILITY OFFICE.—The 
Comptroller General of the United States shall periodically 
evaluate and report to Congress on the effectiveness of the 
oversight by the Securities and Exchange Commission of 
the reporting and disclosure requirements under sections 
13(s), 14C, and 16A of the Securities Exchange Act of 
1934, as added 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 amend-
ment to any person or circumstance is held to be unconsti-
tutional, the remainder of this Act, the amendments made 
by this Act, and the application of such provision or 
amendment to any person or circumstance shall not be af-
fected thereby. 
Æ 
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