WASHINGTON (September 19, 2024) – The U.S. House of Representativestoday passed Congressman Bryan Steil’s (WI-01) Protecting Americans’ Retirement Savings from Politics Act (H.R. 4767) as part of a larger investor reform package (H.R. 4790). This legislation will improve the shareholder proposal and proxy voting advice process to prioritize retirement savings over politics.
Rep. Steil released the following statement after today’s vote:
“Time and again, proxy advisors have pushed professional investors to vote contrary to retirement savers’ economic interests. Investment advisors, pension funds, and asset managers voting American retirement savers’ shares should be focused on securing your retirement, not advancing their political agenda.
“My bill will regulate proxy advisors and bring accountability and transparency to stop the politization of retirement investments. I’m proud the majority of my colleagues in the House voted to stand up for retirement security, corporate governance, and common sense.”
Specifically, the Protecting Americans’ Retirement Savings from Politics Act will:
- Provide transparency and accountability to the proxy advisory industry, prohibit robovoting, and require proxy advisory firm clients to issue annual public reports on their proxy voting.
- Improve the shareholder proposal and proxy voting process to prioritize retirement security over political issues.
- Require large asset managers to explain how they use proxy advisor recommendations and put their customers’ economic interests first.
NOTE: The Protecting Americans’ Retirement Savings from Politics Act will now go to the Senate for consideration.
CLICK HERE to learn more about the Protecting Americans’ Retirement Savings from Politics Act.
CLICK HERE to read the full bill text.
