3.0.0 4589 2025-05-27T14:15:09Z 2025-05-27T14:15:09Z House H HR 2023-07-12 118 <pre>[Congressional Record Volume 169, Number 119 (Wednesday, July 12, 2023)][House]From the Congressional Record Online through the Government Publishing Office [<a href="https://www.gpo.gov">www.gpo.gov</a>]By Mr. STEIL:H.R. 4589.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 3 of the United StatesConstitution: ``To regulate commerce with foreign nations,and among the several states, and with the Indian tribes.''The single subject of this legislation is:This bill concerns the regulation of proxy advisory firms,also known as proxy voting advice businesses[Page H3478]</pre> hsba00 Financial Services Committee House Standing Referred To 2023-07-12T14:02:30Z 118 4767 HR 2023-12-19 Placed on the Union Calendar, Calendar No. 263. Related bill CRS 118 4790 HR 2024-09-23 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS 2023-07-12 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2023-07-12 Introduced in House IntroReferral Intro-H 9 Library of Congress 2023-07-12 Introduced in House IntroReferral 1000 9 Library of Congress S001213 Rep. Steil, Bryan [R-WI-1] Bryan Steil R WI 1 N Finance and Financial Sector Finance and Financial Sector 2023-08-21T15:30:25Z

00 2023-07-12 Introduced in House 2024-04-11T14:25:29Z <p>This bill requires a proxy advisory firm to register with the Securities and Exchange Commission and prohibits an unregistered proxy advisory firm from using interstate commerce to provide proxy-voting advice, research, analysis, or recommendations to any client. (Proxy advisory firms provide voting services and advice to institutional investors in public companies for proposals presented at shareholder meetings.) </p> <p>With respect to these firms, the bill establishes procedures and requirements for registration. Firms must certify that they will only provide advice that is in the best economic interest of the shareholders and that they have the experience to do so. The bill also requires each firm to employ an ombudsman, designate a compliance officer, and publicly disclose conflicts of interest and specified contact with outside entities. </p> <p>Firms must provide issuers that are the subjects of the voting recommendations with the opportunity to access the data and information used to make recommendations and to provide the firm with any comments or corrections. </p> <p>The bill (1) establishes a private right of action against a proxy advisory firm that endorses an approved proposal that is not supported by the issuer and is found to be illegal; and (2) prohibits unfair, coercive, or abusive practices by these firms.</p>

Display Title 45 2024-07-24T15:21:06Z Official Title as Introduced 6 2024-03-18T21:08:17Z Introduced in House IH Introduced in House 2023-07-12T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-118hr4589ih/xml/BILLS-118hr4589ih.xml 2023-07-12 Referred to the House Committee on Financial Services. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.