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Bills
House Bill 2795
118th Congress(2023-2024)
Enhancing Multi-Class Share Disclosures Act
Active
Active
Passed House on May 30, 2023
Overview
Text
Introduced
Apr 24, 2023
Latest Action
May 31, 2023
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
2795
Congress
118
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.
Sponsorship by Party
Democrat
Gregory Meeks
New York
House Votes (1)
Senate Votes (0)
checkPassed on May 30, 2023
Question
On Motion to Suspend the Rules and Pass, as Amended
Status
Passed
Type
Roll Call Vote
Roll Call Vote
A vote that records the individual position of each Member who voted. Such votes occurring on the House floor (by the "yeas and nays" or by "recorded vote") are taken by electronic device. The Senate has no electronic voting system; in such votes, Senators answer "yea" or "nay" as the clerk calls each name aloud. Each vote is compiled by clerks and receives a roll call number (referenced in Congress.gov as a "Record Vote" [Senate] or "Roll no." [House]).
Roll Call Type
2/3 Yea-And-Nay
Roll Number
239
House Roll Call Votes
Summary

Enhancing Multi-Class Share Disclosures Act

This bill requires issuers of securities with multi-class share structures to disclose certain information in any proxy solicitation or consent solicitation material. A multi-class share structure occurs when a company issues two or more classes of shares that have different voting rights. For example, a company may issue one class of shares with no or few voting rights for the public, and another class with more voting rights for company founders and executives.

Under the bill, the issuer must disclose certain information about each director, director nominee, named executive officer, and each beneficial owner of securities with 5% or more of the total combined voting power of all classes of securities entitled to vote in the election of directors. Specifically, the issuer must disclose (1) the number of shares of all classes of securities entitled to vote in the election of directors beneficially owned by such person, and (2) the amount of voting power held by such person.

Text (4)
Referred in Senate
May 31, 2023
Reported in House
May 30, 2023
Engrossed in House
May 30, 2023
Introduced in House
April 24, 2023
Actions (15)
05/31/2023
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
05/30/2023
Motion to reconsider laid on the table Agreed to without objection.
05/30/2023
On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 347 - 30 (Roll no. 239). (text: CR H2653)
05/30/2023
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 347 - 30 (Roll no. 239).(text: CR H2653)
05/30/2023
Considered as unfinished business. (consideration: CR H2662-2663)
05/30/2023
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
05/30/2023
DEBATE - The House proceeded with forty minutes of debate on H.R. 2795.
05/30/2023
Considered under suspension of the rules. (consideration: CR H2653-2654)
05/30/2023
Mrs. Wagner moved to suspend the rules and pass the bill, as amended.
05/30/2023
Placed on the Union Calendar, Calendar No. 58.
05/30/2023
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-79.
04/26/2023
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 48 - 1.
04/26/2023
Committee Consideration and Mark-up Session Held.
04/24/2023
Referred to the House Committee on Financial Services.
04/24/2023
Introduced in House
Public Record
Record Updated
Feb 16, 2024 3:28:31 PM
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