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HR 4644 118th Congress House Finance and Financial Sector

No Expensive, Stifling Governance Act of 2023

Introduced: July 14, 2023 Introduced by: Houchin, Erin Republican · Indiana See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 25, 2023
Sponsor introductory remarks on measure. (CR H3903-3904)
Jul 14, 2023
Referred to the House Committee on Financial Services.
Jul 14, 2023
Introduced in House
 Plain-English summary Congressional Research Service

No Expensive, Stifling Governance Act of 2023 or the No ESG Act of 2023

This bill allows an issuer of securities to exclude a shareholder proposal from its proxy materials if that proposal (1) has been substantially implemented by the issuer through policies, practices, or procedures; (2) duplicates another proposal contained in the proxy materials; or (3) addresses the same subject matter as a previously offered proposal. The bill provides time frames and voting percentages for the previously offered proposal that, if applicable, allow an issuer to exclude the new shareholder proposal.

The bill also prohibits the Securities and Exchange Commission from implementing a proposed rule published on July 27, 2022, titled Substantial Implementation, Duplication, and Resubmission of Shareholder Proposals under Exchange Act Rule 14a—8, which addresses the exclusion of shareholder proposals.

What's happening now July 25, 2023

Sponsor introductory remarks on measure. (CR H3903-3904)

 Committees of jurisdiction 1