Protecting Americans’ Savings Act

This bill would change the Securities Exchange Act of 1934 to set rules for proxy voting, which is how shareholders vote on company matters. It would require the Securities and Exchange Commission to issue final rules banning "robovoting," defined as automatically voting according to a proxy advisory firm's recommendations without independent review and analysis. It would bar institutional investors from handing off proxy voting decisions to anyone other than a registered or exempt investment adviser, broker, or dealer that owes them a fiduciary or best interest duty. It would also state that no person can be required to cast proxy votes unless their fiduciary duty or a specific SEC rule obligates them to.

Full text and official record on Congress.gov

Sponsors

• Zachary Nunn Republican sponsor
• 0 cosponsors