1. Short title
This Act may be cited as the “Focusing the SEC on Its Mission Act”.
Focusing the SEC on Its Mission Act
A BILL
To amend the Securities Exchange Act of 1934 to prohibit the Securities and Exchange Commission from issuing rules requiring the disclosure of an issuer’s expenditures for political activities.
2. Prohibition on requiring disclosure of political expenditures
Section 13 of the Securities Exchange Act of 1934 (78m) is amended by adding at the end the following:
“(s) Prohibition on requiring disclosure of political expenditures
“(1) In general—The Commission shall not require the disclosure by an issuer of any political expenditure.
“(2) Definition—The term political expenditure means—
“(A) an independent expenditure, as such term is defined in section 301(17) of the Federal Election Campaign Act of 1971 (2 U.S.C. 431(17));
“(B) an electioneering communication, as such term is defined in section 304(f)(3) of such Act (2 U.S.C. 434(f)(3)) and any other public communication (as such term is defined in section 301(22) of such Act (2 U.S.C. 431(22))) that would be an electioneering communication if it were a broadcast, cable, or satellite communication; or
“(C) dues or other payments to trade associations 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 are, or could reasonably be anticipated to be, used or transferred to another association or organization for the purposes described in clauses (i) or (ii).”