skip to main content

H.R. 403: To repeal a restriction on the use of funds by the Securities and Exchange Commission to ensure shareholders of corporations have knowledge of corporate political activity.

Call or Write Congress

About the bill

The potential requirement has been blocked for six years by a policy rider passed by Congress.


2010’s Supreme Court decision Citizens United v. FEC struck down dollar limits for corporate or union spending on political advocacy, saying they ran afoul of the First Amendment. Though such organizations remain limited in the amount they can contribute directly to a candidate’s political campaign, through so-called “super PACs” they can now spend unlimited amounts on political advocacy for or against a candidate.

The 5–4 Supreme Court decision was supported by five Republican-nominated presidents and opposed by four Democratic-nominated ones. Since then, the results of the decision have borne out a conservative tilt. In the 2020 election cycle, 2,276 super PACs spent more than $2.1 billion total — with 56 percent of that …

Sponsor and status

Andy Levin

Sponsor. Representative for Michigan's 9th congressional district. Democrat.

Read Text »
Last Updated: Jan 21, 2021
Length: 1 page
Jan 21, 2021
117th Congress (2021–2023)

Introduced on Jan 21, 2021

This bill is in the first stage of the legislative process. It was introduced into Congress on January 21, 2021. It will typically be considered by committee next before it is possibly sent on to the House or Senate as a whole.

Other activity may have occurred on another bill with identical or similar provisions.


18 Cosponsors (18 Democrats)

4% chance of being enacted according to Skopos Labs (details)


Jan 21, 2021

Bills and resolutions are referred to committees which debate the bill before possibly sending it on to the whole chamber.

If this bill has further action, the following steps may occur next:
Passed Committee

Passed House

Passed Senate

Signed by the President

H.R. 403 is a bill in the United States Congress.

A bill must be passed by both the House and Senate in identical form and then be signed by the President to become law.

Bills numbers restart every two years. That means there are other bills with the number H.R. 403. This is the one from the 117th Congress.

How to cite this information.

We recommend the following MLA-formatted citation when using the information you see here in academic work:

“H.R. 403 — 117th Congress: To repeal a restriction on the use of funds by the Securities and Exchange Commission ….” 2021. May 23, 2022 <>

Where is this information from?

GovTrack automatically collects legislative information from a variety of governmental and non-governmental sources. This page is sourced primarily from, the official portal of the United States Congress. is generally updated one day after events occur, and so legislative activity shown here may be one day behind. Data via the congress project.