House Bill 5116
116th Congress(2019-2020)
Corporate Governance Reform and Transparency Act of 2019
Introduced
Introduced in House on Nov 15, 2019
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
5116
Congress
116
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
No House votes have been held for this bill.
Summary
Corporate Governance Reform and Transparency Act of 2019
This bill requires a proxy advisory firm to register with the Securities and Exchange Commission (SEC) and prohibits an unregistered proxy advisory firm from using interstate commerce to provide proxy-voting research, analysis, or recommendations to any client.
With respect to these 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 must report annually on its website regarding registration applications and related matters.
November 15, 2019
11/15/2019
Referred to the House Committee on Financial Services.
11/15/2019
Introduced in House
Public Record
Record Updated
Oct 28, 2022 2:00:30 AM