H.R. 4590 · 118th Congress
To amend the Securities Exchange Act of 1934 to provide for liability for certain failures to disclose…
Full title
To amend the Securities Exchange Act of 1934 to provide for liability for certain failures to disclose material information in connection with proxy voting advice, and for other purposes.
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
SteilSponsorNo cosponsors.
This bill specifies what is considered a false or misleading statement concerning a material fact for liability purposes in the context of the sale or purchase of securities. Particularly, the bill specifies that this liability extends to certain actions performed by a proxy voting advice businesss.
What it does: CRS summary · Introduced in House · Jul 12, 2023
This bill specifies what is considered a false or misleading statement concerning a material fact for liability purposes in the context of the sale or purchase of securities. Particularly, the bill specifies that this liability extends to certain actions performed by a proxy voting advice businesss. (Proxy voting advice businesses provide voting services and advice to institutional investors in public companies for proposals presented at shareholder meetings.)
Under the bill, a proxy voting advice business may be held liable if it fails to disclose its methodology, sources of information, or conflicts of interest, or if it makes a material misstatement when providing proxy voting advice.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: To amend the Securities Exchange Act of 1934 to provide for liability for certain failures to disclose material information in connection with proxy voting advice, and for other purposes.
Latest action (Jul 12, 2023): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Jul 12, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.