Prioritizing Economic Growth Over Woke Policies Act
Also known as Guiding Uniform and Responsible Disclosure Requirements and Information Limits Act of 2023
Where it stands
- Introduced7/20/23
- Passed HousePassed 9/19/24
- Senate
- President
- Law
Passed the House 215–203 on September 19, 2024 (Roll Call 435 →). Received in the Senate on September 23, 2024. No Senate action since.
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Roll calls on this bill
- Democratic3 Yea · 203 Nay · 0 Present · 5 Not voting
- Republican212 Yea · 0 Nay · 1 Present · 7 Not voting
- Independent / Other0 Yea · 0 Nay · 0 Present · 0 Not voting
Guiding Uniform and Responsible Disclosure Requirements and Information Limits Act of 2023 or the GUARDRAIL Act of 2023
This bill limits the disclosures required by issuers of securities as a result of a rulemaking and establishes the Public Company Advisory Committee.
First, the bill requires the Securities and Exchange Commission (SEC) to limit issuer disclosure requirements made in a rulemaking. Specifically, the SEC must provide that an issuer of securities is only required to disclose information in response to a rulemaking if the issuer determines that this information is material with respect to a voting or investment decision regarding the issuer’s securities.
The bill also requires the SEC to report on its website each required disclosure of nonmaterial information under current federal securities laws and regulations and a justification for the disclosure. The SEC must report this information to Congress every five years. The bill also establishes that a person's failure to disclose such nonmaterial information is not a liability in a private action.
Further, the bill establishes the Public Company Advisory Committee within the SEC. The committee must advise the SEC on regulatory priorities, public reporting and corporate governance of public companies, shareholder meetings and the proxy process, and other topics. The committee must be comprised of individuals who are officials of public companies, have senior managerial responsibility in associations that represent the interests of public companies, or provide professional advice and services to public companies.
Finally, the bill requires the SEC to report on the effects of the European Union's directives on corporate sustainability, particularly on U.S. companies, consumers, and investors.
3
7/20/23
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 (20)
- 7/20/23Introduced in House
- 7/20/23Referred to the House Committee on Financial Services.
- 7/27/23Committee Consideration and Mark-up Session Held
- 7/27/23Ordered to be Reported (Amended) by the Yeas and Nays: 29 - 21.
- 12/22/23Reported (Amended) by the Committee on Financial Services. H. Rept. 118-336.
- 12/22/23Placed on the Union Calendar, Calendar No. 275.
- 9/17/24Rules Committee Resolution H. Res. 1455 Reported to House. Rule provides for consideration of H.R. 3724, H.R. 4790, H.R. 5179, H.R. 5339, H.R. 5717, H.R. 7909 and H.J. Res. 136. The resolution provides for consideration of H.R. 3724 and H.R. 5717 under a structured rule and H.R. 4790, H.R. 5179, H.R. 5339, H.R. 7909, and H.J. Res. 136 under a closed rule. The resolution provides for one hour of general debate and one motion to recommit on each measure.
- 9/19/24Considered under the provisions of rule H. Res. 1455. (consideration: CR H5477-5494)
- 9/19/24Rule provides for consideration of H.R. 3724, H.R. 4790, H.R. 5179, H.R. 5339, H.R. 5717, H.R. 7909 and H.J. Res. 136. The resolution provides for consideration of H.R. 3724 and H.R. 5717 under a structured rule and H.R. 4790, H.R. 5179, H.R. 5339, H.R. 7909, and H.J. Res. 136 under a closed rule. The resolution provides for one hour of general debate and one motion to recommit on each measure.
- 9/19/24DEBATE - The House proceeded with one hour of debate on H.R. 4790.
- 9/19/24The previous question was ordered pursuant to the rule.
- 9/19/24Mr. Casten moved to recommit to the Committee on Financial Services. (text: CR H5494)
- 9/19/24The previous question on the motion to recommit was ordered pursuant to clause 2(b) of rule XIX.
- 9/19/24POSTPONED PROCEEDINGS - At the conclusion of debate on H.R. 4790, the Chair put the question on the motion to recommit and by voice vote, announced that the ayes had prevailed. Mr. Huizenga demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced.
- 9/19/24Considered as unfinished business. (consideration: CR H5496-5498)
- 9/19/24On motion to recommit Failed by the Yeas and Nays: 206 - 211 (Roll no. 434).
- 9/19/24Passed/agreed to in House: On passage Passed by the Yeas and Nays: 215 - 203, 1 Present (Roll no. 435). (text of amendment in the nature of a substitute: CR H5477-5486)
- 9/19/24On passage Passed by the Yeas and Nays: 215 - 203, 1 Present (Roll no. 435). (text of amendment in the nature of a substitute: CR H5477-5486)
- 9/19/24Motion to reconsider laid on the table Agreed to without objection.
- 9/23/24Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.