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Disclosures by Institutional Investment Managers Regarding Proxy Advisory Firms

This bill amends the Securities Exchange Act of 1934 to require institutional investment managers to file annual reports disclosing their voting records on shareholder proposals and their use of proxy advisory firms. It mandates certification that voting decisions are based solely on the best economic interest of shareholders. Additionally, managers with over $100 billion in assets must perform economic analyses before voting on certain proposals.
Key points
Mandatory annual reporting to the Commission detailing votes on shareholder proposals and consistency with proxy advisory firm recommendations.
Managers with over $100 billion in assets must perform an economic analysis for certain votes to ensure they are in the best economic interest of shareholders.
Requirement to certify that voting decisions are based solely on the best economic interest of the shareholders.
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Status:
Introduced
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Additional Information
To amend the Securities Exchange Act of 1934 to require certain disclosures by institutional investment managers in connection with proxy advisory firms, and for other purposes.
Print number: HR 3402
Sponsor: Rep. Loudermilk, Barry [R-GA-11]
Process start date: 2025-05-14
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-3-pro-preview
Source data: api.congress.gov
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Summary & Status

Key Questions about Disclosures by Institutional Investment Managers Regarding Proxy Advisory Firms

A structured overview of the legislative process, official sources, status and civic context.

What is the official ID of this bill?

The official print number for this legislation is HR 3402.

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 2025-05-14.

What are the main provisions?

Key points include:

  • Mandatory annual reporting to the Commission detailing votes on shareholder proposals and consistency with proxy advisory firm recommendations.
  • Managers with over $100 billion in assets must perform an economic analysis for certain votes to ensure they are in the best economic interest of shareholders.
  • Requirement to certify that voting decisions are based solely on the best economic interest of the shareholders.

What is the specific legal status?

The current status is Introduced.

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. Loudermilk, Barry [R-GA-11].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-24.

Analysis and Potential Impact of HR 3402

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge. Review our public AI processing logs for full transparency, and use Lustra to track active legislation for instant status push notifications.

CATEGORIES

Economy