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Putting Investors First Act of 2023

H.R. 448 Rep. Bryan Steil (R-WI-1) In committee
Bill text PDF
  1. Introduced Jan 24
  2. Committee Jan 24
  3. Passed House Next
  4. Passed Senate Not yet
  5. To President Not yet
  6. Law Not yet
Where it stands
In committee, Jan 24, 2023Next: House vote
1373d ago Jan 24, 2023: Referred to the House Committee on Financial Services.
Final votes
No roll callsNo recorded vote on this bill yet
Lobbying
2companies, 2 filings
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Member trades
0trades in the last 90 days
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Companies lobbying on this bill

2 companies
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Summary

Putting Investors First Act of 2023

Full summary3 paragraphs

This bill requires a proxy advisory firm to register with the Securities and Exchange Commission and prohibits an unregistered proxy advisory firm from using interstate commerce to provide proxy-voting advice, research, analysis, or recommendations to any client.

With respect to these firms, the bill (1) establishes procedures for both registration and termination of registration; (2) requires each firm to employ an ombudsman, designate a compliance officer, and publicly disclose conflicts of interest; (3) allows issuers to assess and comment on proxy voting recommendations; and (4) prohibits unfair, coercive, or abusive practices.

The bill establishes a private right of action against a proxy advisory firm that endorses an approved proposal that is not supported by the issuer and is found to be illegal.

Library of Congress summary, Jan 24, 2023

Summary versions
  • Introduced in HouseJan 24, 2023

Official record from Congress.gov, the House Clerk and the Senate; lobbying from Lobbying Disclosure Act filings. Updated Oct 27, 2026.