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HR 4590 118th Congress House Finance and Financial Sector

To amend the Securities Exchange Act of 1934 to provide for liability for certain failures to disclose material information in connection with proxy voting advice, 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
Referred to the House Committee on Financial Services.
Jul 12, 2023
Introduced in House
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 Plain-English summary Congressional Research Service

This bill specifies what is considered a false or misleading statement concerning a material fact for liability purposes in the context of the sale or purchase of securities. Particularly, the bill specifies that this liability extends to certain actions performed by a proxy voting advice businesss. (Proxy voting advice businesses provide voting services and advice to institutional investors in public companies for proposals presented at shareholder meetings.)

Under the bill, a proxy voting advice business may be held liable if it fails to disclose its methodology, sources of information, or conflicts of interest, or if it makes a material misstatement when providing proxy voting advice.

What's happening now July 12, 2023

Referred to the House Committee on Financial Services.

 Related & companion bills 1
  • HR 4767 Related bill Protecting Americans’ Retirement Savings from Politics Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
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APA
U.S. Congress. (2026). H.R. 4590: To amend the Securities Exchange Act of 1934 to provide for liability for certain failures to disclose material information in connection with proxy voting advice, and for other purposes.. 118th Congress. Open America. https://openamerica.io/bill/118-HR-4590/
MLA
"H.R. 4590: To amend the Securities Exchange Act of 1934 to provide for liability for certain failures to disclose material information in connection with proxy voting advice, and for other purposes.." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-HR-4590/.
Bluebook (legal)
H.R. 4590, 118th Cong. (2026), https://openamerica.io/bill/118-HR-4590/.
Markdown link
[H.R. 4590: To amend the Securities Exchange Act of 1934 to provide for liability for certain failures to disclose material information in connection with proxy voting advice, and for other purposes.](https://openamerica.io/bill/118-HR-4590/)
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