H.R. 9527 · 117th Congress
Putting Investors First Act of 2022
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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SteilSponsor19 cosponsors · 19 R
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Amodei
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Armstrong
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Barr
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Balderson
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Davis
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Davidson
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Ferguson
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Fitzgerald
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Franklin
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Flood
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Gooden
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Gimenez
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Hill
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LaMalfa
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Rose
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Stefanik
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Williams
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Burgess
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Joyce17 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in House · Dec 14, 2022
Putting Investors First Act of 2022
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 nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Putting Investors First Act of 2022
Latest action (Dec 14, 2022): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Dec 14, 2022
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.