Protecting Americans’ Retirement Savings from Politics Act

Summary

Protecting Americans’ Retirement Savings from Politics Act This bill revises laws and regulations regarding shareholder proposals, the proxy voting process, and proxy advisory firms. (Public companies regularly hold shareholder meetings during which proposals, including those presented by shareholders, can be voted on by eligible shareholders. Voting is held in-person or by proxy. To vote by proxy, shareholders fill out proxy cards with voting directions and submit it to a designated representative. Proxy advisory firms provide voting services and advice to institutional investors.) The bill allows an issuer of securities to exclude certain shareholder proposals from its proxy materials, including proposals that address the same subject matter as a previously offered proposal or those related to environmental, social, or political issues. Passively managed funds (e.g., index funds) that vote shares on behalf of fund investors in proxy shareholder votes must adhere to requirements set forth by the bill, including by voting shares according to the instructions of the beneficial owner of the securities.  The bill also creates new requirements for proxy advisory firms. Under the bill, a proxy advisory firm is prohibited from using robovoting and must register with the Securities and Exchange Commission (SEC) to provide proxy-voting advice to a client using interstate commerce. The bill establishes a private right of action against a proxy advisory firm and allows these firms to be held liable for failing to disclose material information or making false or misleading statements in the context of the sale or purchase of securities. The bill also requires various disclosures and reporting to the SEC. 

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 20 July 2023

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 20 July 2023

   Introduced

   Introduced in House

   Source: IntroReferral

3. 20 July 2023

   Introduced

   Introduced in House

   Source: IntroReferral

4. 27 July 2023

   Vote

   Ordered to be Reported (Amended) by the Yeas and Nays: 29 - 21.

   Source: Committee

5. 27 July 2023

   Committee

   Committee Consideration and Mark-up Session Held

   Source: Committee

6. 19 December 2023

   Calendars

   Placed on the Union Calendar, Calendar No. 263.

   Source: Calendars

7. 19 December 2023

   Reported

   Reported (Amended) by the Committee on Financial Services. H. Rept. 118-324.

   Source: Committee

8. 19 December 2023

   Reported

   Reported (Amended) by the Committee on Financial Services. H. Rept. 118-324.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Reported in House · 19 December 2023 · Download file
• Introduced in House · 20 July 2023 · Download file

Documents

6 official files

• Reported in House (text)

  Reported in House · EN · 19 December 2023

  ViewDownloadOpen at official source

• Reported in House (PDF)

  Reported in House · EN · 19 December 2023

  ViewDownloadOpen at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

• Reported to House

  summary · EN · 19 December 2023

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

• Introduced in House (text)

  Introduced in House · EN · 20 July 2023

  ViewDownloadOpen at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

• Introduced in House (PDF)

  Introduced in House · EN · 20 July 2023

  ViewDownloadOpen at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

• Introduced in House

  summary · EN · 20 July 2023

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Steil, Bryan [R-WI-1] · R · Sponsor
• · hsba00 · Standing

Related records

• related to → To amend the Securities Exchange Act of 1934 to provide for the registration of proxy advisory firms, and for other purposes.
• related to → To amend the Securities Exchange Act of 1934 to provide for liability for certain failures to disclose material information in connection with proxy voting advice, and for other purposes.
• related to → Protecting Retail Investors’ Savings Act
• related to → To authorize the exclusion of shareholder proposals from proxy or consent solicitation material if the subject matter of the shareholder proposal is environmental, social, or political.
• related to → Performance over Politics Act
• related to → Empowering Shareholders Act of 2023
• related to → To amend the Securities Exchange Act of 1934 to provide for duties of certain investment advisors, asset managers, and pension funds with respect to voting on shareholder proposals, and for other purposes.
• related to → Protecting American’s Savings Act

Showing 8 of 10 related records.