skip to main contentskip to popular page linksskip to main navigation links
photo of Mike Capuano Michael E. Capuano representing the 7th district of Massachusetts in the U.S. House of Representatives Go to the House of Representatives homepage
Like Mike on Facebook Visit Mike's video channel on YouTube Like Mike on Facebook


 My Schedule My Voting Record District Maps Register To Vote FAQ Site Map e-Updates

12,456 subscribers
Print Version-Rep. Capuano and Senator Menendez Reintroduce Shareholder Protection Act


Rep. Capuano and Senator Menendez Reintroduce Shareholder Protection Act

January 21, 2015

Today on the fifth anniversary of the Supreme Court’s decision in Citizens United v. FEC, Rep. Mike Capuano (D-MA) and Senator Robert Menendez (D-NJ) are reintroducing the Shareholder Protection Act which requires CEOs to seek authorization from a majority of shareholders before a corporation can spend money from its general treasury on political activities. The legislation also requires the disclosure of these expenditures.

“The Supreme Court’s Citizens United decision has had profoundly negative effects for all parties in our election system, including shareholders. The rights of shareholders must be protected. Instead, they are being compromised by a handful of corporate executives who act as if they personally own the company. A corporation’s money belongs to its shareholders. At a minimum, they should have a say in how that money is being spent,” stated Congressman Capuano, who first filed this bill in 2010.

“Corporate executives should not be able to treat money invested by shareholders as their personal piggy bank for political campaign spending, especially without shareholders’ knowledge or consent,” said Senator Menendez. “As the destructive repercussions of the Citizens United decision continue to give corporations undue influence on elections, this legislation will provide long overdue accountability and transparency. The Shareholder Protection Act will ensure that a company’s executives have the informed consent of shareholders before they can spend shareholders’ money on politics.”

The Citizens United decision allows CEOs to spend unlimited corporate treasury funds on campaigns. One of the effects of this decision is that corporations have been able to conceal their campaign spending by funneling the money through electioneering nonprofit groups. These groups in turn buy campaign ads without disclosing the corporate donors. The Shareholder Protection Act would:

  • Require a majority of shareholders to authorize an overall political budget before general treasury funds can be spent on political activities;
  • Require a Board of Directors vote to authorize each expenditure over $50,000 within the overall budget approved by shareholders;
  • Require the disclosure of corporate political spending to shareholders, the SEC, and the public on a quarterly basis, and board approval of significant expenditures disclosed on-line within 48 hours.

The Shareholder Protection Act is co-sponsored in the House by Reps. Stephen Lynch (D-MA); Eleanor Holmes Norton (D-DC); Keith Ellison (D-MN); John Larson (D-CT); Raul Grijalva (D-AZ); Gerry Connolly (D-VA); Elijah Cummings (D-MD); Niki Tsongas (D-MA); Susan Davis (D-CA); John Conyers (D-MI), Steve Cohen (D-TN); Mark Takano (D-CA); Chellie Pingree (D-ME); John Sarbanes (D-MD); Peter Welch (D-VT); Louise Slaughter (D-NY) and Grace Meng (D-NY).


Contact: Alison Mills (Rep. Capuano) 617-621-6208

12,456 subscribers





Home | About | Biography | Contact | Issues | Links | News | Schedules | Services

E-Updates | Site Map | Privacy Policy | Accessibility

110 First Street
Cambridge, MA 02141
P: (617) 621-6208
F: (617) 621-8628

  Constituent Services Click to close menu
  Casework and Assistance
  Immigration Casework
  Grants and Federal Domestic Assistance
  Presidential Greetings
  Washington, D.C. Attractions
  U.S. Service Academy Nominations
  Media Center Click to close menu
  Press Items
  Recent Votes
  Video and Audio
  Legislative Work Click to close menu
  Recent Votes
  Voting Record
  Sponsored Legislation
  Earmark Requests
  Committees and Caucuses
  Ethics Task Force
  Schedules Click to close menu
  My Schedule
  House Floor Summary
  Weekly House Schedule
  Annual House Calendar
  Weekly Senate Schedule
  Our District Click to close menu
  The 7th District Over the Years
  Nobel Prize Winners
  Interesting facts about Massachusetts
  Massachusetts Links
  Links Click to close menu
  Massachusetts Links
    State Government
    About the 7th District
    Arts, Culture and Attractions
    Chambers of Commerce
    Colleges and Universities
    Exploring Massachusetts
    Hospitals and Health Organizations

  Federal Government Links - Official Government Portal
    Legislative Branch
    Executive Branch
    Judicial Branch
    Federal Agencies
    Kids' Pages
    Register to Vote
    Washington, D.C. Attractions
    Business Opportunities with the Government
  Contact Click to close menu
  District Office
  Washington, D.C. Office
  Office Hours Program
  Community Meetings
  E-mail Me