House bill · H.R. 3402 (119th Congress)
To amend the Securities Exchange Act of 1934 to require certain disclosures by institutional investment managers in connection with proxy advisory firms…
U.S. House of Representatives
Sponsor: Barry Loudermilk (U.S. Representative, GA-11, Republican)
Official titleShow
To amend the Securities Exchange Act of 1934 to require certain disclosures by institutional investment managers in connection with proxy advisory firms, and for other purposes.
The heading above is this same sentence with its legal opening removed. No words were added, changed or reordered.
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From Congress.gov and official rosters. This record was last updated Sep 9, 2026. About our data
Summary
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.
Summary from the Congressional Research Service. How we handle summaries
Where it stands
Assigned to a committee for review.
- Introduced
- In committee
- Up for a vote
- Passed one chamber
- Passed
- Enacted
Committee
House Committee on Financial Services · U.S. House of Representatives
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As identified by Congress.gov.
Full history
- May 14, 2025
Introduced
Introduced in House
U.S. House of Representatives
- May 14, 2025
Introduced
Introduced in U.S. House
U.S. House
- May 14, 2025
Referred to committee
Referred to the House Committee on Financial Services.
U.S. House of Representatives
Read the record
- Read on Congress.gov (opens in a new tab) The official record on Congress.gov.