Port Crane Tax Credit Act of 2025

House Bill

H.R. 4589

119th Congress

Port Crane Tax Credit Act of 2025

In Committee

Introduced:Jul 22, 2025

Primary Sponsor

Emanuel Cleaver II

Representative

Democratic

MO-5

Cosponsors

0

Quick Stats

Policy Area

Finance and Financial Sector

Summary

This bill would require proxy advisory firms, which provide voting recommendations to investors, to register with the Securities and Exchange Commission. It would also establish new rules and regulations for these firms, including requiring them to certify that their advice is in the best economic interest of shareholders and to provide issuers with the opportunity to access and correct the data used in their recommendations.

Latest Action

Referred to the House Committee on Financial Services.

SponsorEmanuel Cleaver II (D-MO)

Introduced7/22/2025

StatusReferred to the House Committee on Ways and Means.

ChamberHouse

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Vote Prediction

Port Crane Tax Credit Act of 2025

This bill would require proxy advisory firms, which provide voting recommendations to investors, to register with the Securities and Exchange Commission. It would also establish new rules and regulations for these firms, including requiring them to certify tha

Community Breakdown

Pass

0%

Fail

0%

0 predictions

This bill would require proxy advisory firms, which provide voting recommendations to investors, to register with the Securities and Exchange Commission. It would also establish new rules and regulations for these firms, including requiring them to certify that their advice is in the best economic interest of shareholders and to provide issuers with the opportunity to access and correct the data used in their recommendations.

Bill Number: 4589
Sponsor: Emanuel Cleaver II (D-MO)
Introduced: 7/22/2025
Status: Referred to the House Committee on Ways and Means.
Policy Area: Finance and Financial Sector

Data from Congress.gov

AI-generated summary

Fact Sheet

Title: Port Crane Tax Credit Act of 2025
Bill Number: 4589
Sponsor: Emanuel Cleaver II (D-MO)
Status: Referred to the House Committee on Ways and Means.
Introduced: 7/22/2025
Summary: This bill would require proxy advisory firms, which provide voting recommendations to investors, to register with the Securities and Exchange Commission. It would also establish new rules and regulations for these firms, including requiring them to certify that their advice is in the best economic i

Data from Congress.gov

AI Summary

Plain-English explanation of this bill

This bill would require proxy advisory firms, which provide voting recommendations to investors, to register with the Securities and Exchange Commission. It would also establish new rules and regulations for these firms, including requiring them to certify that their advice is in the best economic interest of shareholders and to provide issuers with the opportunity to access and correct the data used in their recommendations.

Last updated: 12/30/2025

Official Summary

Congressional Research Service summary

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. (Proxy advisory firms provide voting services and advice to institutional investors in public companies for proposals presented at shareholder meetings.) With respect to these firms, the bill establishes procedures and requirements for registration. Firms must certify that they will only provide advice that is in the best economic interest of the shareholders and that they have the experience to do so. The bill also requires each firm to employ an ombudsman, designate a compliance officer, and publicly disclose conflicts of interest and specified contact with outside entities. Firms must provide issuers that are the subjects of the voting recommendations with the opportunity to access the data and information used to make recommendations and to provide the firm with any comments or corrections. The bill (1) 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; and (2) prohibits unfair, coercive, or abusive practices by these firms.

Key Points

Main provisions of the bill

Requires proxy advisory firms to register with the SEC and follow new rules
Firms must certify their advice is in the best economic interest of shareholders
Firms must allow issuers to access and correct the data used in recommendations
Establishes a private right of action against firms for endorsing illegal proposals
Prohibits unfair, coercive, or abusive practices by proxy advisory firms

How This Impacts Americans

Potential effects on citizens and communities

If this bill becomes law, it would affect proxy advisory firms that provide voting recommendations to institutional investors. These firms would face new registration, certification, and disclosure requirements, as well as the possibility of legal action if their recommendations are found to be problematic. This could increase compliance costs for the firms and potentially impact the services they provide to investors.

Policy Areas

Primary Policy Area

Finance and Financial Sector

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

4589, 119th Congress (2025). "Port Crane Tax Credit Act of 2025". Source: Voter's Right Platform. https://votersright.org/bills/118-hr-4589

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