This bill aims to change the rules around shareholder proposals, proxy voting, and proxy advisory firms. It would allow companies to exclude certain shareholder proposals, require index funds to vote according to investor instructions, and impose new regulations on proxy advisory firms.
Latest Action
Placed on the Union Calendar, Calendar No. 263.
SponsorDavid P. Joyce (R-OH)
Introduced7/25/2025
StatusReferred to the House Committee on Foreign Affairs.
ChamberHouse
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Vote Prediction
Community College Educational Exchange Act
This bill aims to change the rules around shareholder proposals, proxy voting, and proxy advisory firms. It would allow companies to exclude certain shareholder proposals, require index funds to vote according to investor instructions, and impose new regulatio
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This bill aims to change the rules around shareholder proposals, proxy voting, and proxy advisory firms. It would allow companies to exclude certain shareholder proposals, require index funds to vote according to investor instructions, and impose new regulations on proxy advisory firms.
Bill Number
4767
Sponsor
David P. Joyce (R-OH)
Introduced
7/25/2025
Status
Referred to the House Committee on Foreign Affairs.
Policy Area
Finance and Financial Sector
Data from Congress.gov
AI-generated summary
Fact Sheet
Title
Community College Educational Exchange Act
Bill Number
4767
Sponsor
David P. Joyce (R-OH)
Status
Referred to the House Committee on Foreign Affairs.
Introduced
7/25/2025
Summary
This bill aims to change the rules around shareholder proposals, proxy voting, and proxy advisory firms. It would allow companies to exclude certain shareholder proposals, require index funds to vote according to investor instructions, and impose new regulations on proxy advisory firms.
This bill aims to change the rules around shareholder proposals, proxy voting, and proxy advisory firms. It would allow companies to exclude certain shareholder proposals, require index funds to vote according to investor instructions, and impose new regulations on proxy advisory firms.
Last updated: 12/30/2025
Official Summary
Congressional Research Service summary
<p><strong>Protecting Americans’ Retirement Savings from Politics Act</strong></p><p>This bill revises laws and regulations regarding shareholder proposals, the proxy voting process, and proxy advisory firms. (Public companies regularly hold shareholder meetings during which proposals, including those presented by shareholders, can be voted on by eligible shareholders. Voting is held in-person or by proxy. To vote by proxy, shareholders fill out proxy cards with voting directions and submit it to a designated representative. Proxy advisory firms provide voting services and advice to institutional investors.)</p><p>The bill allows an issuer of securities to exclude certain shareholder proposals from its proxy materials, including proposals that address the same subject matter as a previously offered proposal or those related to environmental, social, or political issues.</p><p>Passively managed funds (e.g., index funds) that vote shares on behalf of fund investors in proxy shareholder votes must adhere to requirements set forth by the bill, including by voting shares according to the instructions of the beneficial owner of the securities. </p><p>The bill also creates new requirements for proxy advisory firms. Under the bill, a proxy advisory firm is prohibited from using robovoting and must register with the Securities and Exchange Commission (SEC) to provide proxy-voting advice to a client using interstate commerce. The bill establishes a private right of action against a proxy advisory firm and allows these firms to be held liable for failing to disclose material information or making false or misleading statements in the context of the sale or purchase of securities.</p><p>The bill also requires various disclosures and reporting to the SEC. </p><!--tinycomments|2.1|data:application/json;base64,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-->
Key Points
Main provisions of the bill
Allows companies to exclude shareholder proposals on environmental, social, or political issues
Requires index funds to vote shares according to instructions from the beneficial owners
Imposes new registration and disclosure requirements on proxy advisory firms
How This Impacts Americans
Potential effects on citizens and communities
This bill would limit the ability of shareholders, including individual investors and advocacy groups, to influence public company decisions on social and environmental issues through the shareholder proposal process. It would also restrict the independence of index funds in voting their shares. Proxy advisory firms that provide voting recommendations would face new compliance burdens.
Policy Areas
Primary Policy Area
Finance and Financial Sector
Related Subjects
Bank accounts, deposits, capital
Congressional oversight
Corporate finance and management
Economic performance and conditions
Employee benefits and pensions
Financial services and investments
Licensing and registrations
Performance measurement
Political movements and philosophies
Securities
Scope & Jurisdiction
Jurisdiction Level
federal
Congressional Session
119th Congress
Citation Reference
4767, 119th Congress (2025). "Community College Educational Exchange Act". Source: Voter's Right Platform. https://votersright.org/bills/118-hr-4767
