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Protecting Retirement Savings: New Rules for Advisory Firms and Funds.

This act aims to protect Americans' retirement savings by introducing new rules for advisory firms that assist with proxy voting at company shareholder meetings. The changes are intended to ensure investment decisions are made in the best financial interest of savers, rather than being influenced by political or social factors. Citizens can expect greater transparency and accountability in the management of their funds.
Key points
Advisory firms assisting with proxy voting will need to register and disclose their conflicts of interest.
Investment funds and asset managers will be required to justify their voting decisions, especially those not aligned with company board recommendations.
The act prohibits 'robovoting' (automatic voting) and mandates that investment decisions be based on financial factors, unless the client provides informed consent for non-pecuniary factors.
Companies will find it easier to exclude repetitive or similar shareholder proposals, particularly those related to environmental, social, or political (ESG) issues.
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Expired
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Additional Information
Print number: 118_HR_4767
Sponsor: Rep. Steil, Bryan [R-WI-1]
Process start date: 2023-07-20
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Protecting Americans’ Retirement Savings from Politics Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_4767.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-07-20.

What are the main provisions?

Key points include:

  • Advisory firms assisting with proxy voting will need to register and disclose their conflicts of interest.
  • Investment funds and asset managers will be required to justify their voting decisions, especially those not aligned with company board recommendations.
  • The act prohibits 'robovoting' (automatic voting) and mandates that investment decisions be based on financial factors, unless the client provides informed consent for non-pecuniary factors.
  • Companies will find it easier to exclude repetitive or similar shareholder proposals, particularly those related to environmental, social, or political (ESG) issues.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Steil, Bryan [R-WI-1].

What is the latest detailed status?

The latest detailed status is: Placed on the Union Calendar, Calendar No. 263.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Economy