H.R. 4790: The Shareholder Protection Act

Cosponsors: 49 (49 Democrats, 0 Republicans). Full list at http://thomas.loc.gov/cgi-bin/bdquery/z?d111:HR04790:@@@P

Status: Reported out of the Financial Services Committee on July 29th, 2010. Not currently scheduled for action on the floor.

Purpose: The Shareholder Protection Act of 2010, House of Representatives 4790, was proposed in response to the U.S. Supreme court ruling on Citizens United v. Federal Election Commission, which allows corporations to spend unlimited amounts of money in order to influence elections. The purpose of this act is to make corporate, political donations more transparent and give shareholders the opportunity to play a role in choosing how or if those dollars are spent.

Summary: H.R. 4790 amends the Securities and Exchange Act of 1934. There are three basic components of this bill:

1) Disclosure of corporate, political spending (from previous year and expected for the forthcoming year).

2) Shareholder authorization of political spending.

3) The Securities and Exchange Commission (SEC) is authorized to issue disclosure rules and enforce compliance.

full article – http://www.mainstreetinsider.org/90secondsummaries/?p=30

Tell your congress person to support H.R. 4790 – http://www.citizen.org/shareholder-protection-action

Blog article – 11 Reasons Why We Need the Shareholder Protection Act


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