118th Congress · HOUSE BILLBILL

H.R. 4644 — No Expensive, Stifling Governance Act of 2023

“To authorize the exclusion of shareholder proposals from proxy or consent solicitation material if such proposals substantially implement, substantially duplicate, or are substantially similar to previously included proposals.”

Finance and financial sector

Introduced Jul 14, 2023

Last action Jul 25, 2023

Pipeline · Bill → Law

Step 1

Introduced

Jul 14, 2023

Step 2

Referred

Jul 14, 2023

Financial Services

Step 3

Committee

Step 4

House floor

Step 5

Senate

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

This bill allows an issuer of securities to exclude a shareholder proposal from its proxy materials if that proposal (1) has been substantially implemented by the issuer through policies, practices, or procedures; (2) duplicates another proposal contained in the proxy materials; or (3) addresses the same subject matter as a previously offered proposal. The bill provides time frames and voting percentages for the previously offered proposal that, if applicable, allow an issuer to exclude the new shareholder proposal. The bill also prohibits the Securities and Exchange Commission from implementing a proposed rule published on July 27, 2022, titled Substantial Implementation, Duplication, and...

Provisions · 2 sectionsIntroduced in House

Timeline · 3 actions

Jul 25, 2023

Sponsor introductory remarks on measure.

Jul 14, 2023

Introduced in House

Jul 14, 2023

Referred to the House Committee on Financial Services.