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 | Type | Text | Source |
|---|---|---|---|
| 2018-12-06 | Committee | Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-455. | Senate |
| 2018-06-28 | Committee | Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-406. | Senate |
| 2017-12-21 | IntroReferral | Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. | Senate |
| 2017-12-20 | Floor | Motion to reconsider laid on the table Agreed to without objection. | House floor actions |
| 2017-12-20 | Vote | On passage Passed by the Yeas and Nays: 238 - 182 (Roll no. 702). (text: CR H10313-10315) | House floor actions |
| 2017-12-20 | Vote | On motion to recommit with instructions Failed by the Yeas and Nays: 189 - 231 (Roll no. 701). | House floor actions |
| 2017-12-20 | Floor | 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. | House floor actions |
| 2017-12-20 | Floor | The previous question on the motion to recommit with instructions was ordered without objection. | House floor actions |
| 2017-12-20 | Floor | 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. | House floor actions |
| 2017-12-20 | Floor | Mr. Sarbanes moved to recommit with instructions to the Committee on Financial Services. (text: CR H10328) | House floor actions |
| 2017-12-20 | Floor | The previous question was ordered pursuant to the rule. | House floor actions |
| 2017-12-20 | Floor | DEBATE - The House proceeded with one hour of debate on H.R. 4015. | House floor actions |
| 2017-12-20 | Floor | 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. | House floor actions |
| 2017-12-20 | Floor | Considered under the provisions of rule H. Res. 657. (consideration: CR H10313-10330) | House floor actions |
| 2017-12-13 | Floor | Rule H. Res. 657 passed House. | House floor actions |
| 2017-12-12 | Floor | 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. | House floor actions |
| 2017-12-07 | Calendars | Placed on the Union Calendar, Calendar No. 333. | House floor actions |
| 2017-12-07 | Committee | Reported by the Committee on Financial Services. H. Rept. 115-451. | House floor actions |
| 2017-11-15 | Committee | Ordered to be Reported by the Yeas and Nays: 40 - 20. | House committee actions |
| 2017-11-15 | Committee | Committee Consideration and Mark-up Session Held. | House committee actions |
| 2017-10-11 | IntroReferral | Referred to the House Committee on Financial Services. | House floor actions |
| 2017-10-11 | IntroReferral | Introduced in House | Library of Congress |