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Mind Your Own Business Act of 2023

USA118th CongressS-189| Senate 
| Updated: 1/31/2023
Marco Rubio

Marco Rubio

Republican Senator

Florida

Banking, Housing, and Urban Affairs Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Mind Your Own Business Act of 2023 This bill requires a large publicly traded company to be bound by certain duties and procedures in the event of a legal claim in response to the company's support of specified social or political issues. The company must establish these duties and procedures in the company's articles of incorporation or bylaws as a condition of listing its shares on a national securities exchange. Specifically, a company must establish duties and procedures applicable to a legal claim brought against a corporate defendant for breach of fiduciary duty resulting from a material action . These duties and procedures require that a corporate defendant must be bound by certain factual representations; has the burden of proof with respect to any determination of independent business judgment; and in the event of a judgment on the merits in favor of the claimant, must be jointly and severally liable for money damages in specified amounts. A material action taken by a corporate defendant covered by this bill includes an action taken primarily in response to a state law, state regulation, or state legislation relating to the manner in which elections are conducted in the state, protecting religious freedom, or limiting the availability of abortion services; an action to promote certain social issues regarding race or sex; or other actions unrelated to the company's pecuniary interest. Actions not covered by this bill include charitable contributions, certain exercises of religion, activity related to national security, and the limitation of business with certain nations and entities.
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Timeline

Bill from Previous Congress

S 116-2637
Mind Your Own Business Act of 2019

Bill from Previous Congress

S 117-2829
Mind Your Own Business Act of 2021

Bill from Previous Congress

S 117-1444
Mind Your Own Business Act of 2021
Jan 31, 2023
Introduced in Senate
Jan 31, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • Bill from Previous Congress

    S 116-2637
    Mind Your Own Business Act of 2019


  • Bill from Previous Congress

    S 117-2829
    Mind Your Own Business Act of 2021


  • Bill from Previous Congress

    S 117-1444
    Mind Your Own Business Act of 2021


  • January 31, 2023
    Introduced in Senate


  • January 31, 2023
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Finance and Financial Sector

Mind Your Own Business Act of 2023

USA118th CongressS-189| Senate 
| Updated: 1/31/2023
Mind Your Own Business Act of 2023 This bill requires a large publicly traded company to be bound by certain duties and procedures in the event of a legal claim in response to the company's support of specified social or political issues. The company must establish these duties and procedures in the company's articles of incorporation or bylaws as a condition of listing its shares on a national securities exchange. Specifically, a company must establish duties and procedures applicable to a legal claim brought against a corporate defendant for breach of fiduciary duty resulting from a material action . These duties and procedures require that a corporate defendant must be bound by certain factual representations; has the burden of proof with respect to any determination of independent business judgment; and in the event of a judgment on the merits in favor of the claimant, must be jointly and severally liable for money damages in specified amounts. A material action taken by a corporate defendant covered by this bill includes an action taken primarily in response to a state law, state regulation, or state legislation relating to the manner in which elections are conducted in the state, protecting religious freedom, or limiting the availability of abortion services; an action to promote certain social issues regarding race or sex; or other actions unrelated to the company's pecuniary interest. Actions not covered by this bill include charitable contributions, certain exercises of religion, activity related to national security, and the limitation of business with certain nations and entities.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline

Bill from Previous Congress

S 116-2637
Mind Your Own Business Act of 2019

Bill from Previous Congress

S 117-2829
Mind Your Own Business Act of 2021

Bill from Previous Congress

S 117-1444
Mind Your Own Business Act of 2021
Jan 31, 2023
Introduced in Senate
Jan 31, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • Bill from Previous Congress

    S 116-2637
    Mind Your Own Business Act of 2019


  • Bill from Previous Congress

    S 117-2829
    Mind Your Own Business Act of 2021


  • Bill from Previous Congress

    S 117-1444
    Mind Your Own Business Act of 2021


  • January 31, 2023
    Introduced in Senate


  • January 31, 2023
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Marco Rubio

Marco Rubio

Republican Senator

Florida

Banking, Housing, and Urban Affairs Committee

Finance and Financial Sector

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted