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Putting Investors First Act of 2023

USA118th CongressS-1799| Senate 
| Updated: 6/1/2023
Bill Hagerty

Bill Hagerty

Republican Senator

Tennessee

Banking, Housing, and Urban Affairs Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Putting Investors First Act of 2023 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.
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Timeline
Jan 24, 2023

Latest Companion Bill Action

HR 118-448
Introduced in House
Jun 1, 2023
Introduced in Senate
Jun 1, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • January 24, 2023

    Latest Companion Bill Action

    HR 118-448
    Introduced in House


  • June 1, 2023
    Introduced in Senate


  • June 1, 2023
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Finance and Financial Sector

Related Bills

  • HR 118-448: Putting Investors First Act of 2023

Putting Investors First Act of 2023

USA118th CongressS-1799| Senate 
| Updated: 6/1/2023
Putting Investors First Act of 2023 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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Jan 24, 2023

Latest Companion Bill Action

HR 118-448
Introduced in House
Jun 1, 2023
Introduced in Senate
Jun 1, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • January 24, 2023

    Latest Companion Bill Action

    HR 118-448
    Introduced in House


  • June 1, 2023
    Introduced in Senate


  • June 1, 2023
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Bill Hagerty

Bill Hagerty

Republican Senator

Tennessee

Banking, Housing, and Urban Affairs Committee

Finance and Financial Sector

Related Bills

  • HR 118-448: Putting Investors First Act of 2023
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted