AI-assisted analysis based on the official CRS summary. Source version: Sep 14, 2026. Analysis updated: Sep 20, 2026.
01 — The Text
What.
- Public companies must only disclose SEC-requested information if they determine it is material to voting or investment decisions regarding their securities
- Proxy advisory firms must register with the SEC and submit annual activity reports
- Automated proxy voting (robovoting) is prohibited for votes on proxy or consent solicitation materials
- Passively managed funds voting on non-routine matters must either follow beneficial owner instructions, follow board recommendations, abstain, or mirror other shareholders' votes
- Private right of action created against proxy advisory firms for material misstatements or failures to disclose material information
02 — The Stakes
So what?
- Companies gain discretion to limit environmental, social, and governance disclosures by determining materiality themselves rather than responding to all SEC rulemakings
- Proxy voting becomes less automated, potentially increasing manual voting requirements for institutional investors
- Proxy advisory firms face new regulatory burdens and litigation risk
- Passively managed funds lose ability to independently direct votes on non-routine matters; actual effects on voting outcomes are not established in the summary
03 — The Path
Now what?
- Bill reported as amended by House Financial Services Committee on June 24, 2026
- Placed on Union Calendar as Calendar No. 618 on June 24, 2026
- Committee approved amended bill by 27-24 vote on April 21, 2026
- No scheduled vote or floor action date is documented
Legislative History
Actions.
- Jun 24, 2026 — Placed on the Union Calendar, Calendar No. 618.
- Jun 24, 2026 — Reported (Amended) by the Committee on Financial Services. H. Rept. 119-712.
- Jun 24, 2026 — Reported (Amended) by the Committee on Financial Services. H. Rept. 119-712.
- Apr 21, 2026 — Ordered to be Reported by the Yeas and Nays: 27 - 24.
- Apr 21, 2026 — Committee Consideration and Mark-up Session Held
- Apr 15, 2026 — Referred to the House Committee on Financial Services.
- Apr 15, 2026 — Introduced in House
- Apr 15, 2026 — Introduced in House