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HR 4589 118th Congress House Finance and Financial Sector

To amend the Securities Exchange Act of 1934 to provide for the registration of proxy advisory firms, and for other purposes.

Introduced: July 12, 2023 Introduced by: Steil, Bryan Republican · Wisconsin See on congress.gov
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This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 12, 2023
Introduced in House
Jul 12, 2023
Referred to the House Committee on Financial Services.
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 Plain-English summary Congressional Research Service

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. (Proxy advisory firms provide voting services and advice to institutional investors in public companies for proposals presented at shareholder meetings.)

With respect to these firms, the bill establishes procedures and requirements for registration. Firms must certify that they will only provide advice that is in the best economic interest of the shareholders and that they have the experience to do so. The bill also requires each firm to employ an ombudsman, designate a compliance officer, and publicly disclose conflicts of interest and specified contact with outside entities.

Firms must provide issuers that are the subjects of the voting recommendations with the opportunity to access the data and information used to make recommendations and to provide the firm with any comments or corrections.

The bill (1) 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; and (2) prohibits unfair, coercive, or abusive practices by these firms.

What's happening now July 12, 2023

Referred to the House Committee on Financial Services.

 Related & companion bills 2
  • HR 4767 Related bill Protecting Americans’ Retirement Savings from Politics Act
  • HR 4790 Related bill Prioritizing Economic Growth Over Woke Policies Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Lobbying activity 3

Registered lobbyists who named this bill in their disclosure filings. Source: federal Lobbying Disclosure Act filings.

  • CERES, INC.
    for CERES, INC. · Massachusetts · 3rd Quarter (July 1 - Sep 30) 2025
  • CERES, INC.
    for CERES, INC. · Massachusetts · 3rd Quarter (July 1 - Sep 30) 2025
  • AFL-CIO
    for AFL-CIO · District of Columbia · 3rd Quarter (July 1 - Sep 30) 2025
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 4589: To amend the Securities Exchange Act of 1934 to provide for the registration of proxy advisory firms, and for other purposes.. 118th Congress. Open America. https://openamerica.io/bill/118-HR-4589/
MLA
"H.R. 4589: To amend the Securities Exchange Act of 1934 to provide for the registration of proxy advisory firms, and for other purposes.." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-HR-4589/.
Bluebook (legal)
H.R. 4589, 118th Cong. (2026), https://openamerica.io/bill/118-HR-4589/.
Markdown link
[H.R. 4589: To amend the Securities Exchange Act of 1934 to provide for the registration of proxy advisory firms, and for other purposes.](https://openamerica.io/bill/118-HR-4589/)
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