Anti-ESG Bill Being Marked-up in Committee

New Bill Package to be Reviewed in House Financial Services Committee

The House Financial Services Committee will hold a legislative mark-up hearing this week, included on the agenda is H.R. 8286 Protecting American’s Retirement Savings From Politics Act. The bill is a combination of 10 bills, including:

Materiality: The bill would amend the definition of material disclosures to include only what the issuer determines is material, not the investor.

Proxy advisors: The bill would require all proxy advisor firms to register with the SEC. The bill also grants a private right of action against proxy advisors that endorse proposals that go against management and are found to be “illegal” under federal or state law. If in violation, the proxy advisor would have to pay any implementation costs and/or penalties incurred by the issuer.

Robovoting: The bill would prohibit the use of robovoting, defined as “the practice of automatically voting in a manner consistent with the recommendations of a proxy advisory firm or on a proxy advisory firm’s electronic voting platform with the proxy advisory firm’s recommendations, in either case, without independent review and analysis.”

Tune-in: The markup will be at 10am ET on April 21. Find the agenda for the hearing here. Listen in here.

What We are Watching This Week

SEC Chair Launches Podcast: Chair Paul Atkins announced the launch of his new podcast Material Matters. The podcast will host leading experts to “break down the complexities of financial regulation and advancing a free-market agenda.”

US SIF FORUM Registration: Registration for FORUM 2026 Investing Above the Noise is still open, be sure to register today!