Shareholder Political Transparency Act of 2025

Public company political spending reports

If enacted, the SEC would have 180 days to set rules. Public companies with stock registered under section 12 would file quarterly reports listing each political expenditure from the prior quarter, with date and amount. They would name any candidate supported or opposed (name, office, party) and list any trade groups or 501(c) groups getting dues or payments that could be used for such activity. The SEC would post these reports on its website and EDGAR in a searchable, sortable, downloadable form. Annual shareholder reports would summarize prior‑year spending over $10,000, note any per‑election total over $10,000, and describe known plans and the total intended amount for the next year. Political spending would include independent expenditures, electioneering communications, similar public ads, and certain dues to 501(c) groups, but would exclude direct lobbying, internal company messages to shareholders or staff and families, and running a separate corporate PAC. Registered investment companies would not be covered. The SEC would review compliance each year and report to Congress, and GAO would review the SEC’s oversight.