United States 118th Congress Status: In Committee 1 R cosponsors

HR 4656 — Protecting American’s Savings Act

Last action — Referred to the House Committee on Financial Services.

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 118th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

To amend the Securities Exchange Act of 1934 to prohibit robovoting with respect to votes related to proxy or consent solicitation materials, and for other purposes.

Bill Text

How this bill changes current law

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Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill adds prohibitions and definitions related to robovoting and proxy advisory firms to the Securities Exchange Act of 1934.

  • 15 U.S.C. 78n

    (l) Prohibition on Robovoting.--(1) In general.--The Commission shall issue final rules prohibiting the use of robovoting with respect to votes related to proxy or consent solicitation materials.

    Adds a requirement for the Commission to prohibit robovoting in proxy voting.

  • 15 U.S.C. 78n

    (2) Robovoting defined.--In this subsection, the term `robovoting' means the practice of automatically voting in a manner consistent with the recommendations of a proxy advisory firm or pre-populating votes on a proxy advisory firm's electronic voting platform with the proxy advisory firm's recommendations, in either case, without independent review and analysis.

    Defines robovoting, clarifying what practices it encompasses.

  • 15 U.S.C. 78n

    (m) Prohibition on Outsourcing Voting Decisions by Institutional Investors.--An institutional investor may not outsource voting decisions with respect to votes related to proxy or consent solicitation materials.

    Prohibits institutional investors from outsourcing their voting decisions.

  • 15 U.S.C. 78n

    (n) No Requirement to Vote.--No person may be required to cast votes related to proxy or consent solicitation materials.

    Establishes that individuals are not required to vote on proxy materials.

  • 15 U.S.C. 78n

    (o) Proxy Advisory Firm Calculation of Votes.--With respect to votes related to proxy or consent solicitation materials with respect to an issuer, a proxy advisor firm shall calculate the vote result consistent with the law of the State in which the issuer is incorporated.

    Requires proxy advisory firms to calculate vote results according to the law of the issuer's state.

  • 15 U.S.C. 78c(a)

    (82) Proxy advisory firm.--The term `proxy advisory firm'--(A) means any person who is primarily engaged in the business of providing proxy voting advice, research, analysis, ratings, or recommendations to clients, which conduct constitutes a solicitation within the meaning of section 14; and (B) does not include any person that is exempt under law or regulation from the requirements otherwise applicable to persons engaged in such a solicitation.

    Defines what constitutes a proxy advisory firm.

Action History

  1. Introduced in House

  2. Introduced in House

  3. Referred to the House Committee on Financial Services.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Subjects

finance
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Frequently asked questions

What does HR 4656 do?
To amend the Securities Exchange Act of 1934 to prohibit robovoting with respect to votes related to proxy or consent solicitation materials, and for other purposes.
Who sponsors HR 4656?
HR 4656 is sponsored by Nunn, Zachary (Republican).
What is the current status of HR 4656?
This bill died with 118th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 4656?
Track HR 4656 free on One Click Politics — get push/email alerts when it moves.

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