Bills · 118th Congress · Finance and Financial Sector

Enhancing Multi-Class Share Disclosures Act

Where it stands

  1. Introduced4/24/23
  2. Passed HousePassed 5/30/23
  3. Senate
  4. President
  5. Law

Passed the House 347–30 on May 30, 2023 (Roll Call 239 →). Received in the Senate on May 31, 2023. No Senate action since.

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Roll calls on this bill

Votes on passage
HouseOn Motion to Suspend the Rules and Pass, as Amended · 5/30/23Suspension of the rulesA fast-track House procedure, usually for measures expected to have broad support. Debate is limited to 40 minutes, no amendments can be offered, and it needs a two-thirds vote of members voting — not a simple majority. A yes vote passes the bill. “As amended” means changes written into the motion itself are included.Rules of the House, Rule XV, clause 1 ↗
Passed
  • Democratic178 Yea · 0 Nay · 35 Not voting
  • Republican169 Yea · 30 Nay · 23 Not voting
  • Independent / Other0 Yea · 0 Nay · 0 Not voting
Official summary (CRS)

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.

Full text on congress.gov ↗
Sponsor
Rep. Gregory W. Meeks ( Democrat · NY-5)
Cosponsors
0
Introduced
4/24/23
Policy area
Finance and Financial Sector

What happens next

The Senate must pass the same text, then it goes to the President.

If it isn't enacted by Jan 3, 2025, it expires when the 118th Congress ends.

All actions (15)
  1. 4/24/23Introduced in House
  2. 4/24/23Referred to the House Committee on Financial Services.
  3. 4/26/23Committee Consideration and Mark-up Session Held.
  4. 4/26/23Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 48 - 1.
  5. 5/30/23Reported (Amended) by the Committee on Financial Services. H. Rept. 118-79.
  6. 5/30/23Placed on the Union Calendar, Calendar No. 58.
  7. 5/30/23Mrs. Wagner moved to suspend the rules and pass the bill, as amended.
  8. 5/30/23Considered under suspension of the rules. (consideration: CR H2653-2654)
  9. 5/30/23DEBATE - The House proceeded with forty minutes of debate on H.R. 2795.
  10. 5/30/23At 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.
  11. 5/30/23Considered as unfinished business. (consideration: CR H2662-2663)
  12. 5/30/23Passed/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)
  13. 5/30/23On 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)
  14. 5/30/23Motion to reconsider laid on the table Agreed to without objection.
  15. 5/31/23Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.