Corporate Governance Reform and Transparency Act of 2017

Bill: 115-hr-4015
Sponsor: Rep. Duffy, Sean P. [R-WI-7]
Introduced: 2017-10-11 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative remedies
Business ethics
Competition and antitrust
Corporate finance and management
Government information and archives
Licensing and registrations
Securities
Securities and Exchange Commission (SEC)

Summary:
action_date: 2017-10-11
text: 

Corporate Governance Reform and Transparency Act of 
 
2017

 
This bill amends the Securities Exchange Act of 1934 to: (1) require a proxy advisory firm to register with the Securities and Exchange Commission (SEC); and (2) prohibit an unregistered proxy advisory firm from using interstate commerce to provide proxy-voting research, analysis, or recommendations to any client. 
 
 With respect to such firms, the bill: (1) establishes procedures for both registration and termination of registration; (2) requires each firm to employ an ombudsman, designate a compliance officer, and file specified documents with the SEC; and (3) prohibits unfair, coercive, or abusive practices.
 
The SEC shall report annually on its website regarding registration applications and related matters.

action_date: 2017-12-07
text: 

Corporate Governance Reform and Transparency Act of 
 
2017

 
This bill amends the Securities Exchange Act of 1934 to: (1) require a proxy advisory firm to register with the Securities and Exchange Commission (SEC); and (2) prohibit an unregistered proxy advisory firm from using interstate commerce to provide proxy-voting research, analysis, or recommendations to any client. 
 
 With respect to such firms, the bill: (1) establishes procedures for both registration and termination of registration; (2) requires each firm to employ an ombudsman, designate a compliance officer, and file specified documents with the SEC; and (3) prohibits unfair, coercive, or abusive practices.
 
The SEC shall report annually on its website regarding registration applications and related matters.

action_date: 2017-12-20
text: 

Corporate Governance Reform and Transparency Act of 
 
2017

 
(Sec. 3) This bill amends the Securities Exchange Act of 1934 to: (1) require a proxy advisory firm to register with the Securities and Exchange Commission (SEC); and (2) prohibit an unregistered proxy advisory firm from using interstate commerce to provide proxy-voting research, analysis, or recommendations to any client. 
 
 With respect to such firms, the bill: (1) establishes procedures for both registration and termination of registration; (2) requires each firm to employ an ombudsman, designate a compliance officer, and file specified documents with the SEC; and (3) prohibits unfair, coercive, or abusive practices.
 
(Sec. 4) The SEC shall report annually on its website regarding registration applications and related matters.


Legislative actions:
action_date: 2018-12-06
text: Committee on Banking, Housing, and Urban Affairs. Hearings held.
action_date: 2018-06-28
text: Committee on Banking, Housing, and Urban Affairs. Hearings held.
action_date: 2017-12-21
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2017-12-20
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2017-12-20
text: On passage Passed by the Yeas and Nays: 238 - 182 (Roll no. 702). (text: CR H10313-10315)
action_date: 2017-12-20
text: Passed/agreed to in House: On passage Passed by the Yeas and Nays: 238 - 182 (Roll no. 702).(text: CR H10313-10315)
action_date: 2017-12-20
text: On motion to recommit with instructions Failed by the Yeas and Nays: 189 - 231 (Roll no. 701).
action_date: 2017-12-20
text: POSTPONED PROCEEDINGS - At the conclusion of debate on the motion to recommit with instructions, the Chair put the question on the motion and by voice vote, announced that the noes had prevailed. Mr. Sarbanes demanded the yeas and nays and the Chair postponed further proceedings on the motion to recommit with instructions until a time to be announced.
action_date: 2017-12-20
text: The previous question on the motion to recommit with instructions was ordered without objection.
action_date: 2017-12-20
text: DEBATE - The House proceeded with 10 minutes of debate on the motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment to exempt proxy voting recommendations on shareholder proposals related to political campaign contributions of a company.
action_date: 2017-12-20
text: Mr. Sarbanes moved to recommit with instructions to the Committee on Financial Services. (text: CR H10328)
action_date: 2017-12-20
text: The previous question was ordered pursuant to the rule.
action_date: 2017-12-20
text: DEBATE - The House proceeded with one hour of debate on H.R. 4015.
action_date: 2017-12-20
text: Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Rule provides for one hour of general debate for each bill. The amendment in the nature of a substitute printed in H.R. 2396 shall be considered as adopted. The rule also makes in order the amendment printed in the report. An amendment in the nature of a substitute to H.R. 4015 consisting of Rules Committee Print 115-46, shall be considered as adopted.
action_date: 2017-12-20
text: Considered under the provisions of rule H. Res. 657. (consideration: CR H10313-10330)
action_date: 2017-12-13
text: Rule H. Res. 657 passed House.
action_date: 2017-12-12
text: Rules Committee Resolution H. Res. 657 Reported to House. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Rule provides for one hour of general debate for each bill. The amendment in the nature of a substitute printed in H.R. 2396 shall be considered as adopted. The rule also makes in order the amendment printed in the report. An amendment in the nature of a substitute to H.R. 4015 consisting of Rules Committee Print 115-46, shall be considered as adopted.
action_date: 2017-12-07
text: Placed on the Union Calendar, Calendar No. 333.
action_date: 2017-12-07
text: Reported by the Committee on Financial Services. H. Rept. 115-451.
action_date: 2017-12-07
text: Reported by the Committee on Financial Services. H. Rept. 115-451.
action_date: 2017-11-15
text: Ordered to be Reported by the Yeas and Nays: 40 - 20.
action_date: 2017-11-15
text: Committee Consideration and Mark-up Session Held.
action_date: 2017-10-11
text: Referred to the House Committee on Financial Services.
action_date: 2017-10-11
text: Introduced in House
action_date: 2017-10-11
text: Introduced in House