Putting Investors First Act of 2023
This bill requires proxy advisory firms (companies that provide voting recommendations to investors) to register with the SEC and disclose their methodologies, conflicts of interest, and staff qualifications. It mandates these firms to ensure recommendations are based on accurate information, correct errors promptly, and avoid using recommendations influenced by clients' other business with the firm. The bill also requires large investment advisors and pension funds to report how they use proxy advice and provide customers with mechanisms to indicate their voting preferences. Additionally, it prohibits automatic "robovoting" based on proxy firm recommendations and requires ESG funds to disclose performance comparisons with non-ESG index funds.
Bill status
in committee
1 of 4 stages cleared
Introduction
Jun 2023
Committee Review
Floor Vote
President
Introduced Jun 1, 2023
Last action Jun 1, 2023
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
1
Jun 1, 2023
Committee
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
upper
Jun 1, 2023
Introduced
Introduced in Senate
upper
1 primary · 0 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
Bill Hagerty
RRepublican
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