H.R. 2190 — Shareholder Political Transparency Act of 2025

This section sets forth six congressional findings concerning corporate political contributions and expenditures, including that such decisions are made by corporate boards and executives rather than shareholders; that corporations must act in shareholders' best interests; and that shareholders and the public have a right to know how corporate funds are used for political purposes and to hold corporations accountable.

This section establishes quarterly and annual disclosure requirements for certain issuers' expenditures for political activities (i.e., independent expenditures, electioneering communications or similar public communications, and dues to 501(c) tax-exempt trade associations reasonably anticipated for such uses, excluding direct lobbying by registered lobbyists, issuer communications to shareholders or employees, and corporate PACs) by adding new subsection (t) to Section 13 of the Securities Exchange Act of 1934. (Issuers are public companies with a class of equity securities registered under SEC Exchange Act Section 12, excluding registered investment companies.) (1) Within 180 days of enactment, the SEC must amend rules to require quarterly reports to the SEC and shareholders—including a description, date, amount, candidate details (if applicable), and recipient trade associations of such expenditures—with public access via the SEC website and searchable, sortable, downloadable EDGAR filings. (2) Issuers must include in annual shareholder reports a summary of the prior year's expenditures exceeding $10,000 individually or in total for a particular election; descriptions of intended expenditures for the forthcoming fiscal year (to the extent known); and the total intended amount for that year. (3) The SEC must submit annual compliance assessments to Congress, and the Government Accountability Office must periodically evaluate and report to Congress on SEC oversight of these requirements.