H.R. 4790 - 118th Congress (2023-2024) - Prioritizing Economic Growth Over Woke Policies Act

First, the bill requires the Securities and Exchange Commission (SEC) to limit issuer disclosure requirements made in a rulemaking. Specifically, the SEC must provide that an issuer of securities is only required to disclose information in response to a rulemaking if the issuer determines that this information is material with respect to a voting or investment decision regarding the issuer’s securities.

The bill also requires the SEC to report on its website each required disclosure of nonmaterial information under current federal securities laws and regulations and a justification for the disclosure. The SEC must report this information to Congress every five years. The bill also establishes that a person's failure to disclose such nonmaterial information is not a liability in a private action.

Further, the bill establishes the Public Company Advisory Committee within the SEC. The committee must advise the SEC on regulatory priorities, public reporting and corporate governance of public companies, shareholder meetings and the proxy process, and other topics. The committee must be comprised of individuals who are officials of public companies, have senior managerial responsibility in associations that represent the interests of public companies, or provide professional advice and services to public companies.

Finally, the bill requires the SEC to report on the effects of the European Union's directives on corporate sustainability, particularly on U.S. companies, consumers, and investors.

Text (4)

September 23, 2024

September 19, 2024

December 22, 2023

July 20, 2023

Amendments (1)

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Actions (20)

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09/23/2024

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

09/19/2024

Motion to reconsider laid on the table Agreed to without objection.

09/19/2024

On passage Passed by the Yeas and Nays: 215 - 203, 1 Present (Roll no. 435). (text of amendment in the nature of a substitute: CR H5477-5486)

09/19/2024

Passed/agreed to in House: On passage Passed by the Yeas and Nays: 215 - 203, 1 Present (Roll no. 435). (text of amendment in the nature of a substitute: CR H5477-5486)

09/19/2024

On motion to recommit Failed by the Yeas and Nays: 206 - 211 (Roll no. 434).

09/19/2024

Considered as unfinished business. (consideration: CR H5496-5498)

09/19/2024

POSTPONED PROCEEDINGS - At the conclusion of debate on H.R. 4790, the Chair put the question on the motion to recommit and by voice vote, announced that the ayes had prevailed. Mr. Huizenga demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced.

09/19/2024

The previous question on the motion to recommit was ordered pursuant to clause 2(b) of rule XIX.

09/19/2024

Mr. Casten moved to recommit to the Committee on Financial Services. (text: CR H5494)

09/19/2024

The previous question was ordered pursuant to the rule.

09/19/2024

DEBATE - The House proceeded with one hour of debate on H.R. 4790.

09/19/2024

Rule provides for consideration of H.R. 3724, H.R. 4790, H.R. 5179, H.R. 5339, H.R. 5717, H.R. 7909 and H.J. Res. 136. The resolution provides for consideration of H.R. 3724 and H.R. 5717 under a structured rule and H.R. 4790, H.R. 5179, H.R. 5339, H.R. 7909, and H.J. Res. 136 under a closed rule. The resolution provides for one hour of general debate and one motion to recommit on each measure.

09/19/2024

Considered under the provisions of rule H. Res. 1455. (consideration: CR H5477-5494)

09/17/2024

Rules Committee Resolution H. Res. 1455 Reported to House. Rule provides for consideration of H.R. 3724, H.R. 4790, H.R. 5179, H.R. 5339, H.R. 5717, H.R. 7909 and H.J. Res. 136. The resolution provides for consideration of H.R. 3724 and H.R. 5717 under a structured rule and H.R. 4790, H.R. 5179, H.R. 5339, H.R. 7909, and H.J. Res. 136 under a closed rule. The resolution provides for one hour of general debate and one motion to recommit on each measure.

12/22/2023

Placed on the Union Calendar, Calendar No. 275.

12/22/2023

Reported (Amended) by the Committee on Financial Services. H. Rept. 118-336.

07/27/2023

Ordered to be Reported (Amended) by the Yeas and Nays: 29 - 21.

07/27/2023

Committee Consideration and Mark-up Session Held

07/20/2023

Referred to the House Committee on Financial Services.

07/20/2023

Introduced in House

Public Record

Record Updated

Nov 8, 2024 7:23:18 PM