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    <number>4655</number>
    <updateDate>2025-05-27T14:15:09Z</updateDate>
    <updateDateIncludingText>2025-05-27T14:15:09Z</updateDateIncludingText>
    <originChamber>House</originChamber>
    <originChamberCode>H</originChamberCode>
    <type>HR</type>
    <introducedDate>2023-07-14</introducedDate>
    <congress>118</congress>
    <cdata>
      <constitutionalAuthorityStatementText>&lt;pre&gt;[Congressional Record Volume 169, Number 121 (Friday, July 14, 2023)][House]From the Congressional Record Online through the Government Publishing Office [&lt;a href="https://www.gpo.gov"&gt;www.gpo.gov&lt;/a&gt;]By Mr. NORMAN:H.R. 4655.Congress has the power to enact this legislation pursuantto the following:Article 1 Section 8The single subject of this legislation is:Would amend the Securities Exchange Act of 1934 to prohibitthe Securities and Exchange Commission from compelling theinclusion or discussion of shareholder proposals or proxy orconsent solicitation materials, and for other purposes.[Page H3613]&lt;/pre&gt;</constitutionalAuthorityStatementText>
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        <name>Financial Services Committee</name>
        <chamber>House</chamber>
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            <name>Reported By</name>
            <date>2023-12-19T19:22:16Z</date>
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            <name>Markup By</name>
            <date>2023-07-27T20:10:00Z</date>
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      <committeeReport>
        <citation>H. Rept. 118-326</citation>
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        <actionDate>2023-12-19</actionDate>
        <text>Placed on the Union Calendar, Calendar No. 265.</text>
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        <text>Reported (Amended) by the Committee on Financial Services. H. Rept. 118-326.</text>
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        <text>Reported (Amended) by the Committee on Financial Services. H. Rept. 118-326.</text>
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        <text>Ordered to be Reported (Amended) by the Yeas and Nays: 29 - 21.</text>
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    <sponsors>
      <item>
        <bioguideId>N000190</bioguideId>
        <fullName>Rep. Norman, Ralph [R-SC-5]</fullName>
        <firstName>Ralph</firstName>
        <lastName>Norman</lastName>
        <party>R</party>
        <state>SC</state>
        <district>5</district>
        <isByRequest>N</isByRequest>
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    <cboCostEstimates>
      <item>
        <pubDate>2023-10-20T19:36:00Z</pubDate>
        <title>H.R. 4655, Businesses Over Activists Act</title>
        <url>https://www.cbo.gov/publication/59678</url>
        <description>As ordered reported by the House Committee on Financial Services on July 27, 2023</description>
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    <policyArea>
      <name>Finance and Financial Sector</name>
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    <subjects>
      <legislativeSubjects>
        <item>
          <name>Business ethics</name>
          <updateDate>2024-05-20T19:24:50Z</updateDate>
        </item>
        <item>
          <name>Minority employment</name>
          <updateDate>2024-05-20T19:23:31Z</updateDate>
        </item>
        <item>
          <name>Women's employment</name>
          <updateDate>2024-05-20T19:23:56Z</updateDate>
        </item>
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      <policyArea>
        <name>Finance and Financial Sector</name>
        <updateDate>2023-07-31T14:45:21Z</updateDate>
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    <summaries>
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        <actionDesc>Introduced in House</actionDesc>
        <updateDate>2024-05-18T01:20:39Z</updateDate>
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          <text>&lt;p&gt;This bill prohibits the Securities and Exchange Commission (SEC) from compelling a publicly traded company to include a shareholder proposal or a&amp;nbsp;discussion of a proposal in a proxy statement. Under current SEC rules, certain qualifying shareholder proposals must be included on a company's proxy statement. Proxy statements are provided to shareholders before shareholder meetings and contain disclosures required by the SEC.&lt;/p&gt;&lt;!--tinycomments|2.1|data:application/json;base64,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--&gt;</text>
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      <summary>
        <versionCode>07</versionCode>
        <actionDate>2023-12-19</actionDate>
        <actionDesc>Reported to House</actionDesc>
        <updateDate>2024-08-19T12:42:21Z</updateDate>
        <cdata>
          <text>&lt;p&gt;&lt;strong&gt;Businesses Over Activists Act&lt;/strong&gt;&lt;/p&gt;&lt;p&gt;This bill prohibits the Securities and Exchange Commission (SEC) from compelling a publicly traded company to include a shareholder proposal or a discussion of a proposal in a proxy statement. Under current SEC rules, certain qualifying shareholder proposals must be included on a company's proxy statement. Proxy statements are provided to shareholders before shareholder meetings and contain disclosures required by the SEC.&lt;/p&gt;&lt;!--tinycomments|2.1|data:application/json;base64,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--&gt;</text>
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    </summaries>
    <title>Businesses Over Activists Act</title>
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        <titleType>Display Title</titleType>
        <titleTypeCode>45</titleTypeCode>
        <title>Businesses Over Activists Act</title>
        <updateDate>2024-07-24T15:19:31Z</updateDate>
      </item>
      <item>
        <titleType>Short Title(s) as Reported to House</titleType>
        <titleTypeCode>102</titleTypeCode>
        <title>Businesses Over Activists Act</title>
        <updateDate>2024-05-24T13:34:49Z</updateDate>
        <chamberCode>H</chamberCode>
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        <titleTypeCode>6</titleTypeCode>
        <title>To amend the Securities Exchange Act of 1934 to prohibit the Securities and Exchange Commission from compelling the inclusion or discussion of shareholder proposals or proxy or consent solicitation materials, and for other purposes.</title>
        <updateDate>2024-03-18T21:09:08Z</updateDate>
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        <date>2023-12-19T05:00:00Z</date>
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    <latestAction>
      <actionDate>2023-12-19</actionDate>
      <text>Placed on the Union Calendar, Calendar No. 265.</text>
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    <dc:language>EN</dc:language>
    <dc:rights>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.</dc:rights>
    <dc:contributor>Congressional Research Service, Library of Congress</dc:contributor>
    <dc:description>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.</dc:description>
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