HR 8383
Protecting Americans’ Savings Act
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Bill overview
The Protecting Americans’ Savings Act aims to increase transparency and accountability in how investors vote on corporate matters. Specifically, it prohibits the use of ‘robovoting,’ where investors automatically follow proxy advisory firm recommendations, and restricts institutional investors from outsourcing their voting decisions. The bill also clarifies that investors are only obligated to vote if they have a fiduciary duty or are required by regulations. This legislation seeks to empower investors to make informed decisions about their investments.
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119th CONGRESS — 2d Session
H. R. 8383
IN THE HOUSE OF REPRESENTATIVES
A BILL
To amend the Securities Exchange Act of 1934 to establish certain requirements related to proxy voting, and for other purposes.
This Act may be cited as the Protecting Americans’ Savings Act
.
Section 14 of the Securities Exchange Act of 1934 (15 U.S.C. 78n) is amended by adding at the end the following:
The Commission shall issue final rules prohibiting the use of robovoting with respect to votes related to proxy or consent solicitation materials.
In this subsection, the term robovoting
means the practice of automatically voting in a manner consistent with the recommendations of a proxy advisory firm or on a proxy advisory firm’s electronic voting platform with the proxy advisory firm’s recommendations, in either case, without independent review and analysis.
With respect to votes related to proxy or consent solicitation materials, an institutional investor may not outsource voting decisions to any person other than an investment adviser or a broker or dealer that is registered with the Commission, or is exempt from such registration, and has a fiduciary or best interest duty to the institutional investor.
No person may be required to cast votes related to proxy or consent solicitation materials, unless obligated by their fiduciary duty or Rule 206(4)–6 (17 CFR 275.206(4)–6).