H.R. 8286 · On the floor · Finance and Financial Sector
Protecting Americans’ Retirement Savings From Politics Act
Sponsor: Bryan Steil (R-WI)
What it does
- Limit SEC-required company disclosures to information material to voting or investment decisions, removing broad disclosure mandates.
- Prohibit robovoting (automated proxy voting) for proxy or consent solicitation materials.
- Require proxy advisory firms to register with the SEC and submit annual activity reports.
- Establish private right of action against proxy advisory firms for material misstatements or failure to disclose material information.
- Require passively managed funds to vote shares according to beneficial owner instructions or proxy advisory firm recommendations for non-routine votes.
Official summary
Protecting Americans’ Retirement Savings From Politics Act This bill limits certain disclosures currently required of public companies and revises the proxy voting process. Under the bill, public companies are only required to disclose information in response to a Securities and Exchange Commission (SEC) rulemaking if the company determines that the information is material with respect to a voting or investment decision regarding company securities. The bill also restricts the proxy voting process and proxy advisory firms. (Public companies regularly hold votes where eligible shareholders may fill out proxy cards with voting directions and submit them to a designated representative. Proxy advisory firms provide voting services and advice to institutional investors.) Specifically, robovoting (i.e., automated proxy voting) is prohibited for votes related to proxy or consent solicitation materials. Proxy advisory firms must register with the SEC and provide annual reports on their activity. The bill also establishes a private right of action against proxy advisory firms in certain circumstances and makes such firms liable for failing to disclose material information or for making…
Latest action
Jun 24, 2026: Placed on the Union Calendar, Calendar No. 618.
Committee: House Financial Services