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H.R. 8286119th CongressFinance and Financial Sector
Protecting Americans’ Retirement Savings From Politics Act
Sponsored by Rep. Bryan Steil (R-WI) · 2 active : 2 Republicans
Latest action: Placed on the Union Calendar, Calendar No. 618.
Where it standsBefore the House45 representatives score as swing votes
Hasn’t passed either chamber
- House: next
- Senate: not yet
- President: not yet
Summary
, via Congress.govProtecting 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.
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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.
Committees and subjects
Committees
- House Committee on Financial Services · HouseReported by · Markup by · Referred to
Subjects
- Bank accounts, deposits, capital
- Congressional oversight
- Corporate finance and management
- Economic performance and conditions
- Employee benefits and pensions
- Financial services and investments
- Licensing and registrations
- Performance measurement
- Political movements and philosophies
- Securities
How the Senate breaks down
- 9Swing 70–100
- 62Middle 30–70
- 29Entrenched 0–30
Members fall into . All 100 senators have enough data to score. The bill is not before the Senate right now; these scores show where members would stand.
Key players in the Senate
Ranked by swing score, 0–100 · swing-v2, directional: only movement toward the other party counts, so members who sit further from the center than their party no longer score as swing votes.
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.
Similar past votes, Senate
Earlier behind swing-v3’s inputLoading similar votes
Cosponsors
2 activeShow all 2 cosponsors
- Ann Wagner (R-MO-2)
- Daniel Meuser (R-PA-9)
How the swing score works
Ideology gapHow far a member’s DW-NOMINATE voting score sits from their party’s median in the same chamber.
Scorecard gapHow far their Heritage Action and LCV ratings stray from their party’s average, using the groups’ votes on similar bills where available.
Cross-pressureHow strongly their district or state leans toward the other party, from our own computed partisan lean.
Similar votesHow often they voted against their own party on earlier roll calls about this bill or similar ones.
Committee bonusMembers of the committees handling the bill decide whether it moves, so they get a boost.
Cosponsor checkThe sponsor and active cosponsors have already committed, so they drop toward entrenched.
