Corporate Governance Fairness Act

This bill would require proxy advisory firms, which give investors research and recommendations on how to vote their shares, to register with the Securities and Exchange Commission as investment advisers. Firms with $5,000,000 or less in yearly gross receipts from clients, adjusted each year, would be left out unless they choose to be covered. The Commission would have to begin regular inspections of these firms' records within 1 year, checking for knowingly false or misleading statements to clients and for conflict-of-interest policies. The Commission would also have to send Congress a report on these firms within 2 years and update it at least every 5 years.

Full text and official record on Congress.gov

Sponsors

• Jack Reed Democrat sponsor
• 1 cosponsors