To amend the Securities Exchange Act of 1934 to require certain disclosures by institutional investment managers in connection with proxy advisory firms, and for other purposes.

House Bill

H.R. 3402

119th Congress

To amend the Securities Exchange Act of 1934 to require certain disclosures by institutional investment managers in connection with proxy advisory firms, and for other purposes.

In Committee

Introduced:May 14, 2025

Primary Sponsor

Jake Auchincloss

D - MA

Cosponsors

5

Quick Stats

Policy Area

Finance and Financial Sector

Summary

This bill amends the Securities Exchange Act to require institutional investment managers to disclose their relationships with proxy advisory firms. It increases transparency about how large investors use proxy advisor recommendations when voting on shareholder matters like executive compensation, board elections, and corporate governance issues.

Latest Action

Referred to the House Committee on Financial Services.

Introduced5/14/2025

StatusReferred to the House Committee on Financial Services.

ChamberHouse

Data from Congress.gov

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Vote Prediction

To amend the Securities Exchange Act of 1934 to require certain disclosures by institutional investment managers in connection with proxy advisory firms, and for other purposes.

This bill amends the Securities Exchange Act to require institutional investment managers to disclose their relationships with proxy advisory firms. It increases transparency about how large investors use proxy advisor recommendations when voting on shareholde

Community Breakdown

Pass

0%

Fail

0%

0 predictions

This bill amends the Securities Exchange Act to require institutional investment managers to disclose their relationships with proxy advisory firms. It increases transparency about how large investors use proxy advisor recommendations when voting on shareholder matters like executive compensation, board elections, and corporate governance issues.

Bill Number: 3402
Introduced: 5/14/2025
Status: Referred to the House Committee on Financial Services.
Policy Area: Finance and Financial Sector

Data from Congress.gov

AI-generated summary

Fact Sheet

Title: To amend the Securities Exchange Act of 1934 to require certain disclosures by institutional investment managers in connection with proxy advisory firms, and for other purposes.
Bill Number: 3402
Sponsor: No sponsor
Status: Referred to the House Committee on Financial Services.
Introduced: 5/14/2025
Summary: This bill amends the Securities Exchange Act to require institutional investment managers to disclose their relationships with proxy advisory firms. It increases transparency about how large investors use proxy advisor recommendations when voting on shareholder matters like executive compensation, b

Data from Congress.gov

AI Summary

Plain-English explanation of this bill

This bill amends the Securities Exchange Act to require institutional investment managers to disclose their relationships with proxy advisory firms. It increases transparency about how large investors use proxy advisor recommendations when voting on shareholder matters like executive compensation, board elections, and corporate governance issues.

Last updated: 1/4/2026

Official Summary

Congressional Research Service summary

Power of the Mint Act This bill prohibits the Board of Governors of the Federal Reserve from issuing a central bank digital currency. Further, the Department of the Treasury is prohibited from directing the board to issue a central bank digital currency.

Key Points

Main provisions of the bill

Requires disclosure of proxy advisory firm relationships
Applies to institutional investment managers
Increases transparency in shareholder voting decisions
Addresses proxy advisor influence on corporate governance
Amends Securities Exchange Act disclosure requirements

How This Impacts Americans

Potential effects on citizens and communities

For public companies: Greater visibility into how proxy advisors influence shareholder votes. For institutional investors: New disclosure obligations about proxy advisory relationships. For retail shareholders: More information about how large investors make voting decisions. For corporate governance: Increased transparency in the proxy voting process.

Policy Areas

Primary Policy Area

Finance and Financial Sector

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

3402, 119th Congress (2025). "To amend the Securities Exchange Act of 1934 to require certain disclosures by institutional investment managers in connection with proxy advisory firms, and for other purposes.". Source: Voter's Right Platform. https://votersright.org/bills/118-hr-3402