Putting Investors First Act of 2022
Latest action · Dec 14, 2022 Referred to the House Committee on Financial Services.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedDec 14, 2022
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Putting Investors First Act of 2022
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.
With respect to these firms, the bill (1) establishes procedures for both registration and termination of registration; (2) requires each firm to employ an ombudsman, designate a compliance officer, and publicly disclose conflicts of interest; (3) allows issuers to assess and comment on proxy voting recommendations; and (4) prohibits unfair, coercive, or abusive practices.
The bill 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.
Cosponsors 19
Members who signed on, in the order they did. Signatures ran from Dec 14, 2022 to Dec 15, 2022; 17 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-GA | A. Drew Ferguson IV | Original | Dec 14, 2022 |
| R-KY | Andy Barr | Original | Dec 14, 2022 |
| R-FL | Carlos A. Gimenez | Original | Dec 14, 2022 |
| R-CA | Doug LaMalfa | Original | Dec 14, 2022 |
| R-NY | Elise M. Stefanik | Original | Dec 14, 2022 |
| R-AR | J. French Hill | Original | Dec 14, 2022 |
| R-TN | John W. Rose | Original | Dec 14, 2022 |
| R-ND | Kelly Armstrong | Original | Dec 14, 2022 |
| R-TX | Lance Gooden | Original | Dec 14, 2022 |
| R-NV | Mark E. Amodei | Original | Dec 14, 2022 |
| R-NE | Mike Flood | Original | Dec 14, 2022 |
| R-IL | Rodney Davis | Original | Dec 14, 2022 |
| R-TX | Roger Williams | Original | Dec 14, 2022 |
| R-WI | Scott Fitzgerald | Original | Dec 14, 2022 |
| R-FL | Scott Franklin | Original | Dec 14, 2022 |
| R-OH | Troy Balderson | Original | Dec 14, 2022 |
| R-OH | Warren Davidson | Original | Dec 14, 2022 |
| R-OH | David P. Joyce | Dec 15, 2022 | |
| R-TX | Michael C. Burgess | Dec 15, 2022 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Dec 14, 2022 |
Actions 2
Everything that happened, newest first.
- Dec 14, 2022Introduced in House
- Dec 14, 2022Referred to the House Committee on Financial Services.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 448 | Putting Investors First Act of 2023 | Reintroduced Bill | Jan 24, 2023 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Securities Exchange Act of 1934 to require the registration of proxy advisory firms, and for other purposes.
- Short Title(s) as Introduced
- Putting Investors First Act of 2022
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Dec 14, 2022Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
