To amend the Securities Exchange Act of 1934 to require the registration of proxy advisory firms, and for other purposes.
Summary
What This Bill Does
The bill requires definitions In this Act: The term Commission means the Securities and Exchange Commission, creates registration of proxy advisory firms The Securities Exchange Act of 1934 (15 U.S.C, and creates registration of proxy advisory firms It shall be unlawful for a proxy advisory firm to make use of the mails or any means or instrumentality of interstate commerce to provide proxy voting advice, research. It relies on compliance mandates, definition changes, reporting requirements, and appropriations. The main policy areas are Financial Services, Finance, Environment, and Housing.
Who Benefits and How
Public beneficiaries or protected communities affected by the clause could face reduced risk, Financial services firms and customers affected by the bill could face lower compliance burdens, and Businesses and employers affected by the bill could face lower compliance burdens.
Who Bears the Burden and How
Federal, state, or local agencies responsible for implementing the clause would take on compliance duties, Financial services firms and customers affected by the bill would take on compliance duties, and Environmental and public health interests affected by the bill would take on compliance duties.
Key Provisions
- Requires definitions In this Act: The term Commission means the Securities and Exchange Commission.
- Creates registration of proxy advisory firms The Securities Exchange Act of 1934 (15 U.S.C.
- Creates registration of proxy advisory firms It shall be unlawful for a proxy advisory firm to make use of the mails or any means or instrumentality of interstate commerce to provide proxy voting advice, research...
- Requires duties of investment advisors, asset managers, and pension funds.
- Requires transparency regarding ESG funds Section 10 of the Securities Act of 1933 (15 U.S.C.
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
The bill requires definitions In this Act: The term Commission means the Securities and Exchange Commission, creates registration of proxy advisory firms The Securities Exchange Act of 1934 (15 U.S.C, and creates registration of proxy advisory firms It shall be unlawful for a proxy advisory firm to make use of the mails or any means or instrumentality of interstate commerce to provide proxy voting advice, research.
Key Policy Areas
Financial Services, Finance, Environment, Housing
Primary Purpose
The bill requires definitions In this Act: The term Commission means the Securities and Exchange Commission, creates registration of proxy advisory firms The Securities Exchange Act of 1934 (15 U.S.C, and creates registration of proxy advisory firms It shall be unlawful for a proxy advisory firm to make use of the mails or any means or instrumentality of interstate commerce to provide proxy voting advice, research.
Policy Domains
Whole bill
Identified Gains
- Public beneficiaries or protected communities affected by the clause
- Financial services firms and customers affected by the bill
- Businesses and employers affected by the bill
- Homeowners, tenants, or housing market participants affected by the bill
- Environmental and public health interests affected by the bill
Identified Costs
- Federal, state, or local agencies responsible for implementing the clause
- Financial services firms and customers affected by the bill
- Environmental and public health interests affected by the bill
- Homeowners, tenants, or housing market participants affected by the bill
- Businesses and employers affected by the bill
Sponsors
Legislative Progress
IntroducedMr. Steil (for himself, Mr. Barr, Mr. Davidson, Mr. Amodei, …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology