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Bill115th CongressFiled Oct 11, 2017Finance and Financial Sector
H.R. 4015

Corporate Governance Reform and Transparency Act of 2017

Bill journey · stage 1 of 5

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What it doesSummary passed house amended (Dec 20, 2017)

Corporate Governance Reform and Transparency Act of 2017

(Sec. 3) This bill amends the Securities Exchange Act of 1934 to: (1) require a proxy advisory firm to register with the Securities and Exchange Commission (SEC); and (2) prohibit an unregistered proxy advisory firm from using interstate commerce to provide proxy-voting research, analysis, or recommendations to any client.

With respect to such 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 file specified documents with the SEC; and (3) prohibits unfair, coercive, or abusive practices.

(Sec. 4) The SEC shall report annually on its website regarding registration applications and related matters.

What just happenedDec 6, 2018

Committee on Banking, Housing, and Urban Affairs. Hearings held.

Who’s behind it

Rep. Duffy, Sean P. [R-WI-7](R-WI)Sponsor
2 cosponsors1 D1 R
Read on Congress.gov
2cosponsors2committees25actions1amendments2related bills8subjects
  1. Dec 6, 2018Committee

    Committee on Banking, Housing, and Urban Affairs. Hearings held.

    Banking, Housing, and Urban Affairs Committee
  2. Jun 28, 2018Committee

    Committee on Banking, Housing, and Urban Affairs. Hearings held.

    Banking, Housing, and Urban Affairs Committee
  3. Dec 21, 2017IntroReferral

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Banking, Housing, and Urban Affairs Committee
  4. Dec 20, 2017FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  5. Dec 20, 2017FloorH37100

    On passage Passed by the Yeas and Nays: 238 - 182 (Roll no. 702). (text: CR H10313-10315)

  6. Dec 20, 2017Floor8000

    Passed/agreed to in House: On passage Passed by the Yeas and Nays: 238 - 182 (Roll no. 702).(text: CR H10313-10315)

  7. Dec 20, 2017FloorH36110

    On motion to recommit with instructions Failed by the Yeas and Nays: 189 - 231 (Roll no. 701).

    Financial Services Committee
  8. Dec 20, 2017FloorH8D000

    POSTPONED PROCEEDINGS - At the conclusion of debate on the motion to recommit with instructions, the Chair put the question on the motion and by voice vote, announced that the noes had prevailed. Mr. Sarbanes demanded the yeas and nays and the Chair postponed further proceedings on the motion to recommit with instructions until a time to be announced.

  9. Dec 20, 2017FloorH8A000

    The previous question on the motion to recommit with instructions was ordered without objection.

  10. Dec 20, 2017FloorH8D000

    DEBATE - The House proceeded with 10 minutes of debate on the motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment to exempt proxy voting recommendations on shareholder proposals related to political campaign contributions of a company.

  11. Dec 20, 2017FloorH36100

    Mr. Sarbanes moved to recommit with instructions to the Committee on Financial Services. (text: CR H10328)

    Financial Services Committee
  12. Dec 20, 2017FloorH35000

    The previous question was ordered pursuant to the rule.

  13. Dec 20, 2017FloorH8D000

    DEBATE - The House proceeded with one hour of debate on H.R. 4015.

  14. Dec 20, 2017FloorH8D000

    Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Rule provides for one hour of general debate for each bill. The amendment in the nature of a substitute printed in H.R. 2396 shall be considered as adopted. The rule also makes in order the amendment printed in the report. An amendment in the nature of a substitute to H.R. 4015 consisting of Rules Committee Print 115-46, shall be considered as adopted.

  15. Dec 20, 2017FloorH30000

    Considered under the provisions of rule H. Res. 657. (consideration: CR H10313-10330)

  16. Dec 13, 2017FloorH1L220

    Rule H. Res. 657 passed House.

  17. Dec 12, 2017FloorH1L210

    Rules Committee Resolution H. Res. 657 Reported to House. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Rule provides for one hour of general debate for each bill. The amendment in the nature of a substitute printed in H.R. 2396 shall be considered as adopted. The rule also makes in order the amendment printed in the report. An amendment in the nature of a substitute to H.R. 4015 consisting of Rules Committee Print 115-46, shall be considered as adopted.

  18. Dec 7, 2017CalendarsH12410

    Placed on the Union Calendar, Calendar No. 333.

  19. Dec 7, 2017CommitteeH12200

    Reported by the Committee on Financial Services. H. Rept. 115-451.

    Financial Services Committee
  20. Dec 7, 2017Committee5000

    Reported by the Committee on Financial Services. H. Rept. 115-451.

    Financial Services Committee
  21. Nov 15, 2017Committee

    Ordered to be Reported by the Yeas and Nays: 40 - 20.

    Financial Services Committee
  22. Nov 15, 2017Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  23. Oct 11, 2017IntroReferralH11100

    Referred to the House Committee on Financial Services.

    Financial Services Committee
  24. Oct 11, 2017IntroReferralIntro-H

    Introduced in House

  25. Oct 11, 2017IntroReferral1000

    Introduced in House

Passed House amendedDec 20, 201736

Corporate Governance Reform and Transparency Act of 2017

(Sec. 3) This bill amends the Securities Exchange Act of 1934 to: (1) require a proxy advisory firm to register with the Securities and Exchange Commission (SEC); and (2) prohibit an unregistered proxy advisory firm from using interstate commerce to provide proxy-voting research, analysis, or recommendations to any client.

With respect to such 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 file specified documents with the SEC; and (3) prohibits unfair, coercive, or abusive practices.

(Sec. 4) The SEC shall report annually on its website regarding registration applications and related matters.

Reported to House without amendmentDec 7, 201779

Corporate Governance Reform and Transparency Act of 2017

This bill amends the Securities Exchange Act of 1934 to: (1) require a proxy advisory firm to register with the Securities and Exchange Commission (SEC); and (2) prohibit an unregistered proxy advisory firm from using interstate commerce to provide proxy-voting research, analysis, or recommendations to any client.

With respect to such 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 file specified documents with the SEC; and (3) prohibits unfair, coercive, or abusive practices.

The SEC shall report annually on its website regarding registration applications and related matters.

Introduced in HouseOct 11, 2017

Corporate Governance Reform and Transparency Act of 2017

This bill amends the Securities Exchange Act of 1934 to: (1) require a proxy advisory firm to register with the Securities and Exchange Commission (SEC); and (2) prohibit an unregistered proxy advisory firm from using interstate commerce to provide proxy-voting research, analysis, or recommendations to any client.

With respect to such 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 file specified documents with the SEC; and (3) prohibits unfair, coercive, or abusive practices.

The SEC shall report annually on its website regarding registration applications and related matters.

Corporate Governance Reform and Transparency Act of 2017 — Informed