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Sponsored by Rep. Bryan Steil (R-WI) · 2 active : 2 Republicans
Latest action: Placed on the Union Calendar, Calendar No. 618.
Protecting Americans’ Retirement Savings From Politics Act
This bill limits certain disclosures currently required of public companies and revises the proxy voting process.
Under the bill, public companies are only required to disclose information in response to a Securities and Exchange Commission (SEC) rulemaking if the company determines that the information is material with respect to a voting or investment decision regarding company securities.
The bill also restricts the proxy voting process and proxy advisory firms. (Public companies regularly hold votes where eligible shareholders may fill out proxy cards with voting directions and submit them to a designated representative. Proxy advisory firms provide voting services and advice to institutional investors.) Specifically, robovoting (i.e., automated proxy voting) is prohibited for votes related to proxy or consent solicitation materials. Proxy advisory firms must register with the SEC and provide annual reports on their activity.
The bill also establishes a private right of action against proxy advisory firms in certain circumstances and makes such firms liable for failing to disclose material information or for making material misstatements. In addition, passively managed funds (e.g., index funds) that vote shares on behalf of fund investors in non-routine votes must (1) vote shares according to the instructions of the beneficial owner of the securities, (2) vote shares according to the voting recommendations of the board, (3) abstain from voting, or (4) mirror the vote share elections of other shareholders.
Members fall into . 2 representatives don’t have enough data yet and are marked “insufficient data”. Non-voting delegates are not counted.
Bars show each input from 0 to 100: ideology gap, scorecard gap, . is the seat’s partisan lean, and shows how much of the input data a score has.
Loading similar votes
These members have less than half of the model’s inputs, so their scores are not banded or ranked.
Ideology is each member’s score. The cluster low on the chart includes the bill’s 3 sponsor and cosponsors in the House: they have already committed, so they score as entrenched. 2 representatives without a DW-NOMINATE score or with insufficient data are not plotted.
Similar votes count toward swing-v3 in the House: total similarity weight 26.0 (needs 5.0).
