H.R. 3402

119th Congress

In Committee

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.

Sponsored byRepublican:Rep. Loudermilk, Barry [R-GA-11]GA· Introduced 14 May 2025

0

Cosponsors

3

Actions

0

Amendments

1

Committees

Since introduced

Introduced
Committee
Passed Chamber
Passed Both
Enacted
Step 1 of 0
Latest action

Referred to the House Committee on Financial Services.

14 May 2025·1 year ago

Summary

Introduced in House · Updated 30 April 2026

This bill requires certain institutional investment managers that use proxy advisory firms to disclose information related to voting on shareholder proposals. (Proxy advisory firms provide voting services and advice to institutional investors in public companies for proposals presented at shareholder meetings.)

Generally, institutional investment managers must report annually (1) how the manager voted on each shareholder proposal, (2) the percentage of votes cast in accordance with proxy advisory firm recommendations, and (3) explanations such as how votes are reconciled with fiduciary duties. Managers must also certify that votes were based solely on the best economic interest of the shareholders.

In addition, large institutional investment managers must (1) inform customers that shareholders are not required to vote on every proposal; (2) on certain votes, determine through an economic analysis the vote that is in the best economic interest of shareholders; and (3) report any such analysis annually.  

Timeline

3 actions

  1. Referred to the House Committee on Financial Services.

    14 May 2025 · IntroReferral

  2. Introduced in House

    14 May 2025 · IntroReferral

  3. Introduced in House

    14 May 2025 · IntroReferral

Sponsorship

0 cosponsors

Classification

Policy area

Finance and Financial Sector

Committees

1

  • Financial Services Committee

    House · Standing

    • Referred To14 May 2025
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