Putting Investors First Act of 2023
Official title: To amend the Securities Exchange Act of 1934 to require the registration of proxy advisory firms, and for other purposes.
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Referred to the House Committee on Financial Services.
Putting Investors First Act of 2023
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.
- Introduced in House Formatted Text PDF Formatted XML
- CHAMBER OF COMMERCE OF THE U.S.A.
- CHAMBER OF COMMERCE OF THE U.S.A.
- CHAMBER OF COMMERCE OF THE U.S.A.
- CHAMBER OF COMMERCE OF THE U.S.A.
- CHAMBER OF COMMERCE OF THE U.S.A.
- CHAMBER OF COMMERCE OF THE U.S.A.
Bodies those filers lobbied
- Agriculture, Dept of (USDA)
- Army, Dept of (Corps of Engineers)
- Bureau of Citizenship & Immigration Services (BCIS)
- Bureau of Industry and Security (BIS)
- Bureau of Reclamation
- Centers For Medicare and Medicaid Services (CMS)
- Commerce, Dept of (DOC)
- Consumer Financial Protection Bureau (CFPB)
Cite this page
U.S. Congress. (2026). H.R. 448: Putting Investors First Act of 2023. 118th Congress. Open America. https://openamerica.io/bill/118-HR-448/
"H.R. 448: Putting Investors First Act of 2023." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-HR-448/.
H.R. 448, 118th Cong. (2026), https://openamerica.io/bill/118-HR-448/.
[H.R. 448: Putting Investors First Act of 2023](https://openamerica.io/bill/118-HR-448/)