118th Congress Finance and Financial Sector
H.R. 448: Putting Investors First Act of 2023
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill requires a proxy advisory firm to register with the Securities and Exchange Commission and prohibits an unregistered proxy advisory firm from using interstate commerce to provide proxy-voting advice, research, analysis, or recommendations to any client.
With respect to these firms, the bill (1) establishes procedures for both registration and termination of registration; (2) requires each firm to employ an ombudsman, designate a compliance officer, and publicly disclose conflicts of interest; (3) allows issuers to assess and comment on proxy voting recommendations; and (4) prohibits unfair, coercive, or abusive practices.
The bill establishes a private right of action against a proxy advisory firm that endorses an approved proposal that is not supported by the issuer and is found to be illegal.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Mark Amodei R-NVOriginal
- Garland Barr R-KYOriginal
- Warren Davidson R-OHOriginal
- A. Ferguson R-GAOriginal
- Scott Fitzgerald R-WIOriginal
- Mike Flood R-NEOriginal
- Carlos Gimenez R-FLOriginal
- J. Hill R-AROriginal
- David Joyce R-OHOriginal
- Daniel Meuser R-PAOriginal
- John Rose R-TNOriginal
- Elise Stefanik R-NYOriginal
- Kelly Armstrong R-ND
- Clarence Owens R-UT
- C. Franklin R-FL
- Earl Carter R-GA
- Jacob LaTurner R-KS
- Brian Babin R-TX
- William Timmons R-SC
- Byron Donalds R-FL
- Blaine Luetkemeyer R-MO
Who scored on this bill
No member has earned points from it yet.
See all scorers and every scoring event
Introductions and cosponsorships count toward weekly caps and show no points.
Other bills by Bryan Steil
History
- Introduced in the House by Bryan Steil.
Show the full action history (2 actions)
- Introduced in House
- Referred to the House Committee on Financial Services.