S 1799 United States Senate · 118th Congress

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
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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
Photo of Bill Hagerty
Bill Hagerty
RRepublican
TN
n/a