To amend the Securities Exchange Act of 1934 to prohibit robovoting with respect to votes related to proxy or consent solicitation materials, and for other purposes.
Protecting American’s Savings Act
This bill prohibits the use of robovoting, or automatic voting in a shareholder vote according to the recommendations of a proxy advisory firm. (Proxy advisory firms provide voting services and advice to clients who invest in public companies for proposals presented at shareholder meetings.) Further, the bill prohibits institutional investors from outsourcing any such voting decisions. Finally, under the bill, no person is required to vote in a shareholder vote.
Placed on the Union Calendar, Calendar No. 263.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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