Shareholder Protection Act of 2019

Bill: 116-hr-3088
Sponsor: full_name: Rep. Duffy, Sean P. [R-WI-7]
Introduced: 2019-06-04
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Business records

Corporate finance and management

Securities

Securities and Exchange Commission (SEC)
Latest action: action_date: 2019-09-27
text: ASSUMING FIRST SPONSORSHIP - Mr. Steil asked unanimous consent that he may hereafter be considered as the first sponsor of H.R. 3088, a bill originally introduced by Representative Duffy, for the purpose of adding cosponsors and requesting reprintings pursuant to clause 7 of rule XII. Agreed to without objection.

Summaries:
action_date: 2019-06-04
action_desc: Introduced in House
text: <p><b>Shareholder Protection Act of 2019</b></p> <p>This bill directs the Securities and Exchange Commission to increase specified resubmission thresholds for shareholder proposals. (Current regulations allow the resubmission of a shareholder proposal that has been previously included in an issuer's proxy materials if, when the proposal was last included, it received a specified percentage of the vote; this percentage, which&nbsp;varies&nbsp;depending upon the number of times a proposal has been previously submitted, represents the minimum threshold at which resubmission is permissible.) </p>

tv_txt: I 116th CONGRESS 1st Session H. R. 3088 IN THE HOUSE OF REPRESENTATIVES June 4, 2019 Mr. Duffy introduced the following bill; which was referred to the Committee on Financial Services A BILL To require the Securities and Exchange Commission to adjust certain resubmission thresholds for shareholder proposals.

1. Short title This Act may be cited as the Shareholder Protection Act of 2019 . 2. Resubmission thresholds for shareholder proposals The Securities and Exchange Commission shall revise section 240.14a–8(i)(12) of title 17, Code of Federal Regulations to— (1) in paragraph (i), adjust the 3 percent threshold to 6 percent; (2) in paragraph (ii), adjust the 6 percent threshold to 15 percent; and (3) in paragraph (iii), adjust the 10 percent threshold to 30 percent.