Prioritizing Economic Growth Over Woke Policies Act

Summary

Guiding Uniform and Responsible Disclosure Requirements and Information Limits Act of 2023 or the GUARDRAIL Act of 2023 This bill limits the disclosures required by issuers of securities as a result of a rulemaking and establishes the Public Company Advisory Committee. First, the bill requires the Securities and Exchange Commission (SEC) to limit issuer disclosure requirements made in a rulemaking. Specifically, the SEC must provide that an issuer of securities is only required to disclose information in response to a rulemaking if the issuer determines that this information is material with respect to a voting or investment decision regarding the issuer’s securities. The bill also requires the SEC to report on its website each required disclosure of nonmaterial information under current federal securities laws and regulations and a justification for the disclosure. The SEC must report this information to Congress every five years. The bill also establishes that a person's failure to disclose such nonmaterial information is not a liability in a private action. Further, the bill establishes the Public Company Advisory Committee within the SEC. The committee must advise the SEC on regulatory priorities, public reporting and corporate governance of public companies, shareholder meetings and the proxy process, and other topics. The committee must be comprised of individuals who are officials of public companies, have senior managerial responsibility in associations that represent the interests of public companies, or provide professional advice and services to public companies.   Finally, the bill requires the SEC to report on the effects of the European Union's directives on corporate sustainability, particularly on U.S. companies, consumers, and investors.  

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. 22 December 2023

   Calendars

   Placed on the Union Calendar, Calendar No. 275.

   Source: Calendars

7. 22 December 2023

   Reported

   Reported (Amended) by the Committee on Financial Services. H. Rept. 118-336.

   Source: Committee

8. 22 December 2023

   Reported

   Reported (Amended) by the Committee on Financial Services. H. Rept. 118-336.

   Source: Committee

9. 17 September 2024

   Reported

   Rules Committee Resolution H. Res. 1455 Reported to House. Rule provides for consideration of H.R. 3724, H.R. 4790, H.R. 5179, H.R. 5339, H.R. 5717, H.R. 7909 and H.J. Res. 136. The resolution provides for consideration of H.R. 3724 and H.R. 5717 under a structured rule and H.R. 4790, H.R. 5179, H.R. 5339, H.R. 7909, and H.J. Res. 136 under a closed rule. The resolution provides for one hour of general debate and one motion to recommit on each measure.

   Source: Floor

10. 19 September 2024

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

11. 19 September 2024

    Vote

    On passage Passed by the Yeas and Nays: 215 - 203, 1 Present (Roll no. 435). (text of amendment in the nature of a substitute: CR H5477-5486)

    Source: Floor

12. 19 September 2024

    Vote

    Passed/agreed to in House: On passage Passed by the Yeas and Nays: 215 - 203, 1 Present (Roll no. 435). (text of amendment in the nature of a substitute: CR H5477-5486)

    Source: Floor

13. 19 September 2024

    Vote

    On motion to recommit Failed by the Yeas and Nays: 206 - 211 (Roll no. 434).

    Source: Floor

14. 19 September 2024

    Floor

    The previous question on the motion to recommit was ordered pursuant to clause 2(b) of rule XIX.

    Source: Floor

15. 19 September 2024

    Floor

    Mr. Casten moved to recommit to the Committee on Financial Services. (text: CR H5494)

    Source: Floor

16. 19 September 2024

    Floor

    The previous question was ordered pursuant to the rule.

    Source: Floor

17. 19 September 2024

    Floor

    Rule provides for consideration of H.R. 3724, H.R. 4790, H.R. 5179, H.R. 5339, H.R. 5717, H.R. 7909 and H.J. Res. 136. The resolution provides for consideration of H.R. 3724 and H.R. 5717 under a structured rule and H.R. 4790, H.R. 5179, H.R. 5339, H.R. 7909, and H.J. Res. 136 under a closed rule. The resolution provides for one hour of general debate and one motion to recommit on each measure.

    Source: Floor

18. 19 September 2024

    Floor

    Considered under the provisions of rule H. Res. 1455. (consideration: CR H5477-5494)

    Source: Floor

19. 23 September 2024

    Introduced

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Source: IntroReferral

Votes

Versions

• Referred in Senate · 23 September 2024 · Download file
• Engrossed in House · 19 September 2024 · Download file
• Reported in House · 22 December 2023 · Download file
• Introduced in House · 20 July 2023 · Download file

Documents

10 official files

• Referred in Senate (text)

  Referred in Senate · EN · 23 September 2024

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• Referred in Senate (PDF)

  Referred in Senate · EN · 23 September 2024

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• Engrossed in House (text)

  Engrossed in House · EN · 19 September 2024

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• Engrossed in House (PDF)

  Engrossed in House · EN · 19 September 2024

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• Reported in House (text)

  Reported in House · EN · 22 December 2023

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• Reported in House (PDF)

  Reported in House · EN · 22 December 2023

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• Reported to House

  summary · EN · 22 December 2023

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• Introduced in House (text)

  Introduced in House · EN · 20 July 2023

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• Introduced in House (PDF)

  Introduced in House · EN · 20 July 2023

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• Introduced in House

  summary · EN · 20 July 2023

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Sponsors

• Rep. Huizenga, Bill [R-MI-4] · R · Sponsor
• Rep. Meuser, Daniel [R-PA-9] · R · Sponsor
• Rep. Lucas, Frank D. [R-OK-3] · R · Sponsor
• Rep. Mooney, Alexander X. [R-WV-2] · R · Sponsor
• · ssbk00 · Standing
• · hsba00 · Standing

Related records

• related to → Public Company Advisory Committee Act of 2023
• related to → Protecting U.S. Business Sovereignty Act
• related to → To amend the Securities Exchange Act of 1934 to require the Securities and Exchange Commission to disclose and report on non-material disclosure mandates, and for other purposes.
• 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 → Protecting Retail Investors’ Savings Act
• related to → American FIRST Act of 2023
• related to → Protecting U.S. Business Sovereignty Act
• related to ← Providing for consideration of the bill (H.R. 3724) to amend the Higher Education Act of 1965 to prohibit recognized accrediting agencies and associations from requiring, encouraging, or coercing institutions of higher education to meet any political litmus test or violate any right protected by the Constitution as a condition of accreditation; providing for consideration of the bill (H.R. 4790) to amend the Federal securities laws with respect to the materiality of disclosure requirements, to establish the Public Company Advisory Committee, and for other purposes; providing for consideration of the bill (H.R. 5179) to require the maintenance of the country of origin markings for imported goods produced in the West Bank or Gaza, and for other purposes; providing for consideration of the bill (H.R. 5339) to amend the Employee Retirement Income Security Act of 1974 to specify requirements concerning the consideration of pecuniary and non-pecuniary factors, and for other purposes; providing for consideration of the bill (H.R. 5717) to provide that sanctuary jurisdictions that provide benefits to aliens who are present in the United States without lawful status under the immigration laws are ineligible for Federal funds intended to benefit such aliens; providing for consideration of the bill (H.R. 7909) to amend the Immigration and Nationality Act to provide that aliens who have been convicted of or who have committed sex offenses or domestic violence are inadmissible and deportable; and providing for consideration of the joint resolution (H.J. Res. 136) providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Environmental Protection Agency relating to "Multi-Pollutant Emissions Standards for Model Years 2027 and Later Light-Duty and Medium-Duty Vehicles".
• amends ← Pursuant to the provisions of H. Res. 1455, in lieu of the amendment in the nature of a substitute recommended by the Committee on the Financial Services, an amendment in the nature of a substitute consisting of the text of Rules Committee Print 118-48, modified by the amendment printed in Part B is considerated adopted.