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H.R. 3402In committee

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.

Introduced: May 14, 2025

Latest action date: May 14, 2025

Latest development

Referred to the House Committee on Financial Services.

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Congress
119th Congress
Introduced
May 14, 2025
Recorded roll calls
0

Status detail: The most advanced recorded stage is committee consideration.

Plain-language overview

What this bill does

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.  

Civixly topics

What this legislation is about

Civixly topics make federal and state legislation comparable. They are derived from the official CRS policy area and legislative subjects.

Official CRS policy area

Finance and Financial Sector

Committee activity

Committees and subcommittees that received, reviewed, marked up, or reported this legislation.

Amendments

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No amendments are listed for this measure.

Checked against Congress.gov Sep 15, 2026.

Action timeline

Newest action first. Action language comes from the official Congress.gov record.

View full action timeline3 actions
  1. Referred to the House Committee on Financial Services.

    IntroReferralHouse floor actions
  2. Introduced in House

    IntroReferralLibrary of Congress
  3. Introduced in House

    IntroReferralLibrary of Congress

Roll-call votes

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No connected roll-call votes are currently available for this bill.

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Sources: Congress.gov and official House and Senate vote records.

View data freshness details

Base metadata check pending · Summary check pending · Action timeline checked Sep 15, 2026 · Complete sponsorship check pending · Topics checked Sep 15, 2026 · Committees checked Sep 15, 2026 · Status checked Sep 15, 2026 · Related bills checked Sep 15, 2026.