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House Bill 4656
118th Congress(2023-2024)
Protecting American’s Savings Act
Introduced
Introduced
Introduced in House on Jul 14, 2023
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Introduced in House 
Jul 14, 2023
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Introduced in House(Jul 14, 2023)
Jul 14, 2023
Not Scanned for Linkage
About Linkage
Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
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H. R. 4656 (Introduced-in-House)


118th CONGRESS
1st Session
H. R. 4656


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.

IN THE HOUSE OF REPRESENTATIVES

July 14, 2023

Mr. Nunn of Iowa introduced the following bill; which was referred to the Committee on Financial Services

A BILL

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.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Protecting American’s Savings Act”.

SEC. 2. Requirements related to proxy voting.

(a) In general.—Section 14 of the Securities Exchange Act of 1934 (15 U.S.C. 78n) is amended by adding at the end the following:

“(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.

“(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.

“(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.

“(n) No requirement to vote.—No person may be required to cast votes related to proxy or consent solicitation materials.

“(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.”.

(b) Proxy advisory firm defined.—Section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)) is amended by adding at the end the following:

“(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.”.