H.R. 4790 requires any corporation making political expenditures must first amend its bylaws to require majority shareholder approval of any political expenditure in excess of $50,000. Corporations would also have to annually report all political spending over $10,000 to their shareholders.

The legislation authorizes the Securities and Exchange Commission (SEC) to require disclosure of all political expenditures made by a corporation as well as the individual votes of company board members who authorized the expenditures. Further, the measure requires the SEC to publish the disclosures on its public website. The measure now moves to the full House for consideration though the vote may not occur until after Congress returns from its August recess.