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HR 4648 118th Congress House Finance and Financial Sector

To amend the Securities Exchange Act of 1934 to provide for duties of certain investment advisors, asset managers, and pension funds with respect to voting on shareholder proposals, and for other…

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To amend the Securities Exchange Act of 1934 to provide for duties of certain investment advisors, asset managers, and pension funds with respect to voting on shareholder proposals, and for other purposes.

Introduced: July 14, 2023 Introduced by: Loudermilk, Barry Republican · Georgia 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 14, 2023
Referred to the House Committee on Financial Services.
Jul 14, 2023
Introduced in House
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 Plain-English summary Congressional Research Service

This bill requires certain institutional investment managers that use proxy advisory firms to disclose information related to voting on shareholder proposals. (Proxy advisory firms provide voting services and advice to institutional investors in public companies for proposals presented at shareholder meetings.)

Generally, institutional investment managers must report annually (1) how the manager voted on each shareholder proposal, (2) the percentage of votes cast in accordance with proxy advisory firm recommendations, and (3) explanations such as how votes are reconciled with fiduciary duties. Managers must also certify that votes were based solely on the best economic interest of the shareholders.

In addition, large institutional investment managers must (1) inform customers that shareholders are not required to vote on every proposal; (2) on certain votes, determine through an economic analysis the vote that is in the best economic interest of shareholders; and (3) report any such analysis annually.  

What's happening now July 14, 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. 4648: To amend the Securities Exchange Act of 1934 to provide for duties of certain investment advisors, asset managers, and pension funds with respect to voting on shareholder proposals, and for other purposes.. 118th Congress. Open America. https://openamerica.io/bill/118-HR-4648/
MLA
"H.R. 4648: To amend the Securities Exchange Act of 1934 to provide for duties of certain investment advisors, asset managers, and pension funds with respect to voting on shareholder proposals, and for other purposes.." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-HR-4648/.
Bluebook (legal)
H.R. 4648, 118th Cong. (2026), https://openamerica.io/bill/118-HR-4648/.
Markdown link
[H.R. 4648: To amend the Securities Exchange Act of 1934 to provide for duties of certain investment advisors, asset managers, and pension funds with respect to voting on shareholder proposals, and for other purposes.](https://openamerica.io/bill/118-HR-4648/)
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