 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          3993
 
                               2017-2018 Regular Sessions
 
                   IN ASSEMBLY
 
                                    January 30, 2017
                                       ___________
 
        Introduced  by  M.  of A. SEPULVEDA, THIELE, JAFFEE, MOSLEY, ABINANTI --
          read once and referred to the Committee on Election Law
 
        AN ACT to amend the election law, in  relation  to  corporate  political
          contributions
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Subdivision 2 of section 14-116  of  the  election  law  is
     2  amended  by  adding four new paragraphs (a), (b), (c) and (d) to read as
     3  follows:
     4    (a) Corporations shall not spend any resources on political  campaigns
     5  and  candidates  without  showing  a prior majority vote of shareholders
     6  authorizing political spending by management and expressing the partisan
     7  political preferences of the shareholders.
     8    (b) All corporate political  expenditures  or  contributions  must  be
     9  posted on the company website within forty-eight hours.
    10    (c)  If  a  majority of a company's shares are owned by large institu-
    11  tional investors that cannot take political positions,  the  corporation
    12  shall not make political expenditures or contributions.
    13    (d)  Shareholders  have the right to request a pro rata rebate for the
    14  portion of their investments spent by the corporation on  any  political
    15  expenditures and contributions they disagree with.
    16    § 2. This act shall take effect immediately.
 
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02245-01-7
Relates to corporate political contributions

What's Happening

Why It Matters
