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118th Congress Finance and Financial Sector

H.R. 2795: Enhancing Multi-Class Share Disclosures Act

Passed HouseMay 30, 2023

  1. Introduced (completed)Apr 24, 2023
  2. Passed House (completed)May 30, 2023, 347–30
  3. Passed Senate (not reached)
  4. To the President (not reached)
  5. Became law (not reached)

Summary

Passed House, May 30, 2023

This bill requires issuers of securities with multi-class share structures to disclose certain information in any proxy solicitation or consent solicitation material. A multi-class share structure occurs when a company issues two or more classes of shares that have different voting rights. For example, a company may issue one class of shares with no or few voting rights for the public, and another class with more voting rights for company founders and executives.

Under the bill, the issuer must disclose certain information about each director, director nominee, named executive officer, and each beneficial owner of securities with 5% or more of the total combined voting power of all classes of securities entitled to vote in the election of directors. Specifically, the issuer must disclose (1) the number of shares of all classes of securities entitled to vote in the election of directors beneficially owned by such person, and (2) the amount of voting power held by such person.

Written by the Congressional Research Service, Library of Congress.

Key votes

House final vote, May 30, 2023

On Motion to Suspend the Rules and Pass, as Amended

Passed 347–30

Yea 347two-thirds 252Nay 30

  • Democrats178 yea, 0 nay
  • Republicans168 yea, 30 nay
  • Independents1 yea, 0 nay

Broke with their party: Chip Roy (R-TX), John Rose (R-TN), Barry Moore (R-AL), Diana Harshbarger (R-TN), Robert Good (R-VA), H. Griffith (R-VA), Paul Gosar (R-AZ), W. Steube (R-FL), Keith Self (R-TX) and David Schweikert (R-AZ) voted Nay; and 20 more

See how all 377 members voted

Showing 435 of 435 members

Yea 347

Republicans (168)

Democrats (178)

Independents (1)

Nay 30

Not voting 58

Senate

Not yet voted

Passed the House May 30, 2023. Awaiting Senate action.

Roll calls

1 vote on this bill

Showing 1 of 1 roll calls

  • May 30, 2023HouseOn Motion to Suspend the Rules and Pass, as AmendedFinal passagePassed, yea-nay 347–30
    Roll call 239 tally by party
    PartyYeaNayPresentNot voting
    Democrats1780035
    Republicans16830023
    Independents1000
    Total34730058

    House roll call 239: On Motion to Suspend the Rules and Pass, as Amended. Passed.

    30 crossed party lines: 30 Republicans

    How each member voted (435)

Amendments

0 offered

No amendments were offered to this bill.

Who scored on this bill

230 points earned
  1. 1Gregory Meeks D-NY SponsorIntroduced, reported, passed House3 events+50
  2. 2Andy Biggs R-AZ1 maverick vote1 event+6
  3. 2Dan Bishop R-NC1 maverick vote1 event+6
  4. 2Josh Brecheen R-OK1 maverick vote1 event+6
  5. 2Ken Buck R-CO1 maverick vote1 event+6
See all scorers and every scoring event

Introductions and cosponsorships count toward weekly caps and show no points.

Other bills by Gregory Meeks

History

  1. May 30, 2023Passed the House, 347–30.
  2. Apr 24, 2023Introduced in the House by Gregory Meeks.
Show the full action history (15 actions)
  1. May 31, 2023Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  2. May 30, 2023Reported (Amended) by the Committee on Financial Services. H. Rept. 118-79.
  3. May 30, 2023Placed on the Union Calendar, Calendar No. 58.
  4. May 30, 2023Mrs. Wagner moved to suspend the rules and pass the bill, as amended.
  5. May 30, 2023Considered under suspension of the rules. (consideration: CR H2653-2654)
  6. May 30, 2023DEBATE - The House proceeded with forty minutes of debate on H.R. 2795.
  7. May 30, 2023At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
  8. May 30, 2023Considered as unfinished business. (consideration: CR H2662-2663)
  9. May 30, 2023Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 347 - 30 (Roll no. 239). (text: CR H2653)
  10. May 30, 2023On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 347 - 30 (Roll no. 239). (text: CR H2653)
  11. May 30, 2023Motion to reconsider laid on the table Agreed to without objection.
  12. Apr 26, 2023Committee Consideration and Mark-up Session Held.
  13. Apr 26, 2023Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 48 - 1.
  14. Apr 24, 2023Introduced in House
  15. Apr 24, 2023Referred to the House Committee on Financial Services.