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HR 2795 118th Congress House Finance and Financial Sector Consumer affairs Corporate finance and management Financial services and investments Securities

Enhancing Multi-Class Share Disclosures Act

Introduced: April 24, 2023 Introduced by: Meeks, Gregory W. Democratic · New York See on congress.gov
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 Everywhere this bill has been 15 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 31, 2023
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
May 30, 2023
Motion to reconsider laid on the table Agreed to without objection.
May 30, 2023
On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 347 - 30 (Roll no. 239). (text: CR H2653)
May 30, 2023
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 347 - 30 (Roll no. 239). (text: CR H2653)
May 30, 2023
Considered as unfinished business. (consideration: CR H2662-2663)
May 30, 2023
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
May 30, 2023
DEBATE - The House proceeded with forty minutes of debate on H.R. 2795.
May 30, 2023
Considered under suspension of the rules. (consideration: CR H2653-2654)
May 30, 2023
Mrs. Wagner moved to suspend the rules and pass the bill, as amended.
May 30, 2023
Placed on the Union Calendar, Calendar No. 58.
May 30, 2023
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-79.
Apr 26, 2023
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 48 - 1.
Apr 26, 2023
Committee Consideration and Mark-up Session Held.
Apr 24, 2023
Referred to the House Committee on Financial Services.
Apr 24, 2023
Introduced in House
 Votes taken on this bill 1
DateChamberWhat was voted onResultYes–No
May 30, 2023 House · vote #239 On Motion to Suspend the Rules and Pass, as Amended Passed 347–30 See who voted →
 Plain-English summary Congressional Research Service

Enhancing Multi-Class Share Disclosures Act

This bill requires issuers of securities with multi-class share structures to disclose certain information in any proxy solicitation or consent solicitation material. A multi-class share structure occurs when a company issues two or more classes of shares that have different voting rights. For example, a company may issue one class of shares with no or few voting rights for the public, and another class with more voting rights for company founders and executives.

Under the bill, the issuer must disclose certain information about each director, director nominee, named executive officer, and each beneficial owner of securities with 5% or more of the total combined voting power of all classes of securities entitled to vote in the election of directors. Specifically, the issuer must disclose (1) the number of shares of all classes of securities entitled to vote in the election of directors beneficially owned by such person, and (2) the amount of voting power held by such person.

What's happening now May 31, 2023

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

 Committees of jurisdiction 2