Latest action: Referred to the House Committee on Financial Services.
Referred to one or more standing committees for review, hearings, and possible markup.
Specific committees not parsed from action data.
The committee may hold hearings, amend the bill, or let it die without action.
Next: Reported
Full chamber floor — Speaker / Majority Leader controls scheduling
Requires institutional investment managers to disclose their relationships with proxy advisory firms.
The problem
Proxy advisory firms influence how institutional investors vote on corporate matters, but their relationships and potential conflicts of interest lack transparency.
The proposal
Mandates institutional investment managers disclose their use of proxy advisory services, fees paid, and conflicts of interest under Securities Exchange Act rules.
The impact
Institutional investors, proxy advisory firms, and public companies face new disclosure requirements affecting voting transparency and corporate governance practices.
Investors and the public would have clearer information about who influences corporate votes. This helps people understand how their retirement funds and investments are being voted on.
Disclosure requirements make proxy advisory firms and investment managers answer for potential conflicts of interest. This encourages more careful decision-making.
Retail investors benefit from knowing how their shares are voted. Transparency helps ensure votes reflect actual shareholder interests rather than hidden agendas.
Clear rules about proxy voting build trust in stock markets. Investors feel more confident when corporate governance processes are transparent.
Investment firms must track and report new information, requiring staff time and systems changes. Smaller firms may face higher costs relative to their size.
New SEC rules add complexity to existing disclosure requirements. Companies and investment managers spend resources on paperwork instead of core business.
Disclosure of fees and relationships might harm proxy advisory firm business models. Some firms may raise prices or limit services to smaller investors.
Disclosure alone may not change voting behavior or outcomes. Without enforcement teeth, transparency requirements might become symbolic without real change.
Generated by AI from the bill text. Not a prediction and not legal or policy advice. The percentage is the model's own rating of each item — self-reported, and not a measure of how accurate it is.
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Individual contributions, grouped by employer · FEC
Where their individual donors work · 2026 cycle
Money from people who work there, not from the company. Not tied to this bill.
Itemized individual contributions via FEC, grouped by the employer each contributor self-reported. Companies and unions cannot contribute to federal candidates from their treasuries, so these totals are money from people who work at an employer — never from the organization itself. They are campaign contributions covering a full election cycle and are not connected to this bill.
Senate LDA lobbying disclosures
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