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118th Congress Finance and Financial Sector

H.R. 4790: Prioritizing Economic Growth Over Woke Policies Act

Passed HouseSep 19, 2024

  1. Introduced (completed)Jul 20, 2023
  2. Passed House (completed)Sep 19, 2024, 215–203
  3. Passed Senate (not reached)
  4. To the President (not reached)
  5. Became law (not reached)

Summary

Reported to House, Dec 22, 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.

Read the full summary

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.

Written by the Congressional Research Service, Library of Congress.

Key votes

House final vote, Sep 19, 2024

On Passage

Passed 215–203

Yea 215majority 210Nay 203

  • Democrats3 yea, 203 nay
  • Republicans211 yea, 0 nay
  • Independents1 yea, 0 nay

Broke with their party: Marie Gluesenkamp Perez (D-WA), Jared Golden (D-ME) and Henry Cuellar (D-TX) voted Yea

See how all 419 members voted

Showing 431 of 431 members

Yea 215

Republicans (211)

Democrats (3) broke with their party

Independents (1)

Nay 203

Democrats (203)

Present 1

Republicans (1)

Not voting 12

Republicans (7)

Senate

Not yet voted

Passed the House Sep 19, 2024. Awaiting Senate action.

Roll calls

2 votes on this bill

Showing 2 of 2 roll calls

  • Sep 19, 2024HouseOn PassageFinal passagePassed, yea-nay 215–203
    Roll call 435 tally by party
    PartyYeaNayPresentNot voting
    Democrats320305
    Republicans211017
    Independents1000
    Total215203112

    House roll call 435: On Passage. Passed.

    3 crossed party lines: 3 Democrats

    How each member voted (431)
  • Sep 19, 2024HouseMotion to recommitFailed, yea-nay 206–211
    Roll call 434 tally by party
    PartyYeaNayPresentNot voting
    Democrats206005
    Republicans021009
    Independents0100
    Total206211014

    House roll call 434: On Motion to Recommit. Failed.

    How each member voted (431)

Amendments

0 offered

No amendments were offered to this bill.

Cosponsors

3

Who scored on this bill

80 points earned
  1. 1Bill Huizenga R-MI SponsorIntroduced, reported, passed House3 events+50
  2. 2Henry Cuellar D-TX1 maverick vote1 event+6
  3. 2Marie Gluesenkamp Perez D-WA1 maverick vote1 event+6
  4. 2Jared Golden D-ME1 maverick vote1 event+6
  5. 5Frank Lucas R-OKCosponsored; cosponsored bill passed2 events+4
See all scorers and every scoring event

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

Other bills by Bill Huizenga

History

  1. Sep 19, 2024Passed the House, 215–203.
  2. Jul 20, 2023Introduced in the House by Bill Huizenga.
Show the full action history (20 actions)
  1. Sep 23, 2024Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  2. Sep 19, 2024Considered under the provisions of rule H. Res. 1455. (consideration: CR H5477-5494)
  3. Sep 19, 2024Rule 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.
  4. Sep 19, 2024DEBATE - The House proceeded with one hour of debate on H.R. 4790.
  5. Sep 19, 2024The previous question was ordered pursuant to the rule.
  6. Sep 19, 2024Mr. Casten moved to recommit to the Committee on Financial Services. (text: CR H5494)
  7. Sep 19, 2024The previous question on the motion to recommit was ordered pursuant to clause 2(b) of rule XIX.
  8. Sep 19, 2024POSTPONED PROCEEDINGS - At the conclusion of debate on H.R. 4790, the Chair put the question on the motion to recommit and by voice vote, announced that the ayes had prevailed. Mr. Huizenga demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced.
  9. Sep 19, 2024Considered as unfinished business. (consideration: CR H5496-5498)
  10. Sep 19, 2024On motion to recommit Failed by the Yeas and Nays: 206 - 211 (Roll no. 434).
  11. Sep 19, 2024Passed/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)
  12. Sep 19, 2024On 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)
  13. Sep 19, 2024Motion to reconsider laid on the table Agreed to without objection.
  14. Sep 17, 2024Rules 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.
  15. Dec 22, 2023Reported (Amended) by the Committee on Financial Services. H. Rept. 118-336.
  16. Dec 22, 2023Placed on the Union Calendar, Calendar No. 275.
  17. Jul 27, 2023Committee Consideration and Mark-up Session Held
  18. Jul 27, 2023Ordered to be Reported (Amended) by the Yeas and Nays: 29 - 21.
  19. Jul 20, 2023Introduced in House
  20. Jul 20, 2023Referred to the House Committee on Financial Services.