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H.R. 4767 118th Congress House

Protecting Americans’ Retirement Savings from Politics Act

Official title: To make revisions to the Federal securities laws with respect to shareholder proposals, proxy voting, and the registration of proxy advisory firms, and for other purposes.

Introduced: July 20, 2023 Introduced by: Bryan Steil Republican · Wisconsin See on congress.gov
Finance and Financial Sector Bank accounts, deposits, capitalCongressional oversightCorporate finance and managementEconomic performance and conditions
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Employee benefits and pensionsFinancial services and investmentsLicensing and registrationsPerformance measurementPolitical movements and philosophiesSecurities
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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 6 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 19, 2023
Placed on the Union Calendar, Calendar No. 263.
Dec 19, 2023
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-324.
Jul 27, 2023
Ordered to be Reported (Amended) by the Yeas and Nays: 29 - 21.
Jul 27, 2023
Committee Consideration and Mark-up Session Held
Jul 20, 2023
Introduced in House
Jul 20, 2023
Referred to the House Committee on Financial Services.
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 Latest action December 19, 2023

Placed on the Union Calendar, Calendar No. 263.

 Plain-English summary Congressional Research Service

Protecting Americans’ Retirement Savings from Politics Act

This bill revises laws and regulations regarding shareholder proposals, the proxy voting process, and proxy advisory firms. (Public companies regularly hold shareholder meetings during which proposals, including those presented by shareholders, can be voted on by eligible shareholders. Voting is held in-person or by proxy. To vote by proxy, shareholders fill out proxy cards with voting directions and submit it to a designated representative. Proxy advisory firms provide voting services and advice to institutional investors.)

The bill allows an issuer of securities to exclude certain shareholder proposals from its proxy materials, including proposals that address the same subject matter as a previously offered proposal or those related to environmental, social, or political issues.

Passively managed funds (e.g., index funds) that vote shares on behalf of fund investors in proxy shareholder votes must adhere to requirements set forth by the bill, including by voting shares according to the instructions of the beneficial owner of the securities. 

The bill also creates new requirements for proxy advisory firms. Under the bill, a proxy advisory firm is prohibited from using robovoting and must register with the Securities and Exchange Commission (SEC) to provide proxy-voting advice to a client using interstate commerce. The bill establishes a private right of action against a proxy advisory firm and allows these firms to be held liable for failing to disclose material information or making false or misleading statements in the context of the sale or purchase of securities.

The bill also requires various disclosures and reporting to the SEC. 

 Related & companion bills 10
  • HR 4589 To amend the Securities Exchange Act of 1934 to provide for the registration of proxy advisory firms, and for other pur…
  • HR 4590 To amend the Securities Exchange Act of 1934 to provide for liability for certain failures to disclose material informa…
  • HR 4600 Protecting Retail Investors’ Savings Act
  • HR 4640 To authorize the exclusion of shareholder proposals from proxy or consent solicitation material if the subject matter o…
  • HR 4641 Performance over Politics Act
  • HR 4645 Empowering Shareholders Act of 2023
  • HR 4648 To amend the Securities Exchange Act of 1934 to provide for duties of certain investment advisors, asset managers, and …
  • HR 4656 Protecting American’s Savings Act
  • HR 4657 To clarify that an issuer may exclude a shareholder proposal pursuant to section 240.14a-8(i) of title 17, Code of Fede…
  • HR 4662 Corporate Governance Examination Act
 Bill text 2 versions

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Lobbying activity 4

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

Bodies those filers lobbied

A filing lists the bills it worked on and the parts of government it contacted in separate sections, so these are the bodies those filers named anywhere in the filing, not a per-bill breakdown.

Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 4767: Protecting Americans’ Retirement Savings from Politics Act. 118th Congress. Open America. https://openamerica.io/bill/118-HR-4767/
MLA
"H.R. 4767: Protecting Americans’ Retirement Savings from Politics Act." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-HR-4767/.
Bluebook (legal)
H.R. 4767, 118th Cong. (2026), https://openamerica.io/bill/118-HR-4767/.
Markdown link
[H.R. 4767: Protecting Americans’ Retirement Savings from Politics Act](https://openamerica.io/bill/118-HR-4767/)
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