HR3402FEDERALin_committee

House bill requires institutional investment managers to disclose proxy advisory firm relationships

Original 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.

May 14, 2025

securities finance corporate governance proxy voting investment

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Where This Stands

Introduced

Committee

Floor Vote

Passed

Signed

Currently in_committee. The next step in the legislative lifecycle is Floor Vote.

Last action

Referred to the House Committee on Financial Services.May 14, 2025

Version history

Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.

View official text →

The Frame

What this does

The bill changes the reporting requirements for large investment firms, potentially altering how they justify their voting decisions on behalf of shareholders and increasing oversight of the influence s have on corporate governance.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

Institutional investment managers

They must comply with new disclosure requirements regarding their use of proxy advisory firms.

Proxy advisory firms

Their relationships with investment managers will be subject to mandatory public disclosure.

What changed

Current stage: in_committee.

What's next

Floor Vote.

Summary

This bill requires s to publicly disclose their interactions and relationships with s. The measure amends the Securities Exchange Act of 1934 to increase transparency regarding how these managers use third-party advice when voting on corporate shareholder matters.

Key Facts

You don't have to trust us. Each fact below is taken straight from the official document - click any one to see the exact passage, highlighted in the original.

Why It Matters

Frequently Asked Questions

What is a proxy advisory firm?

A firm that provides research, analysis, and voting recommendations to institutional investors regarding shareholder votes at corporate meetings.

Who does this bill affect?

It primarily affects s who use advisory services and the s themselves.

News Coverage

No news coverage found yet. Articles are indexed twice daily.

Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift90% confidence

Increased oversight of proxy advisors

The bill represents a legislative effort to increase transparency in the relationship between large investors and the firms that influence their voting behavior.

Securities Exchange Act of 1934

Connected Entities

organizationHouse Committee on Financial Services“The committee to which the bill was referred for review.”Map →

otherSecurities Exchange Act of 1934“The federal law being amended by this bill.”Map →

Analysis Score

0–100

Significance65
How much this matters to a regular citizen
Controversy50
Intensity of disagreement among stakeholders
Entertainment10
Compellingness for a non-policy-wonk reader
Buzz25
Current news / social attention level

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