A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Procedural Requirements and Resubmission Thresholds Under Exchange Act Rule 14a-8".

Bill: 117-sjres-16
Sponsor: full_name: Sen. Brown, Sherrod [D-OH]
Introduced: 2021-03-25
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Congressional oversight

Corporate finance and management

Securities

Securities and Exchange Commission (SEC)
Latest action: action_date: 2021-03-25
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2021-03-25
action_desc: Introduced in Senate
text: <p>This joint resolution nullifies the final rule issued by the Securities and Exchange Commission titled <em>Procedural Requirements and Resubmission Thresholds Under Exchange Act Rule 14a-8</em> and published on November 4, 2020. </p> <p>The rule provides additional requirements for the inclusion of shareholder proposals in proxy statements, such as increasing the securities ownership requirements for submitting a proposal and increasing the level of support a proposal must receive to be eligible for resubmission at a future shareholder meeting. (Proxy statements must be filed by a publicly traded company and provided to shareholders before shareholder meetings. Proxy statements contain information regarding matters such as the election of directors and shareholder proposals.)</p>

tv_txt: IIA 117th CONGRESS 1st Session S. J. RES. 16 IN THE SENATE OF THE UNITED STATES March 25, 2021 Mr. Brown introduced the following joint resolution; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs JOINT RESOLUTION Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to Procedural Requirements and Resubmission Thresholds Under Exchange Act Rule 14a–8 .

That Congress disapproves the rule submitted by the Securities and Exchange Commission relating to Procedural Requirements and Resubmission Thresholds Under Exchange Act Rule 14a–8 (85 Fed. Reg. 70240 (November 4, 2020)), and such rule shall have no force or effect.