[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4655 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 4655

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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 14, 2023

  Mr. Norman introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. LIMITATION WITH RESPECT TO COMPELLING THE INCLUSION OR 
              DISCUSSION OF SHAREHOLDER PROPOSALS.

    Section 14(a) of the Securities Exchange Act of 1934 (15 U.S.C. 
78n(a)) is amended by adding at the end the following:
    ``(3) Limitation With Respect to Compelling Discussion of 
Shareholder Proposals.--Except as provided in paragraph (2), the 
Commission may not compel an issuer to include in a proxy statement of 
the issuer--
            ``(A) any shareholder proposal; or
            ``(B) any discussion (either from the issuer or otherwise) 
        related to a shareholder proposal contained in the proxy 
        statement.
    ``(4) Rule of Construction Relating to State Authority.--Nothing in 
this Act or any other securities law shall be construed to provide the 
Commission the authority to preempt the State regulation of shareholder 
proposals or proxy or consent solicitation materials.''.
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