summary
Introduced
05/18/2022
05/18/2022
In Committee
05/18/2022
05/18/2022
Crossed Over
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th Congress
Bill Summary
A BILL To amend the Investment Advisers Act of 1940 to require investment advisers for passively managed funds to ar- range for pass-through voting of proxies for certain secu- rities, and for other purposes.
AI Summary
This bill, the INvestor Democracy is EXpected (INDEX) Act, amends the Investment Advisers Act of 1940 to require investment advisers for passively managed funds to arrange for pass-through voting of proxies for certain securities. Specifically, if an investment adviser holds voting authority over more than 1% of a company's outstanding securities, they must vote those securities proportionately based on the voting instructions received from the fund's investors. The bill also allows investment advisers to vote uninstructed shares on routine matters and provides a safe harbor if they choose not to solicit voting instructions for non-routine matters. Additionally, the bill amends the Securities Exchange Act of 1934 to require brokers to provide voting instructions from their customers.
Committee Categories
Housing and Urban Affairs
Sponsors (14)
Dan Sullivan (R)*,
John Cornyn (R),
Kevin Cramer (R),
Mike Crapo (R),
Steve Daines (R),
Chuck Grassley (R),
Bill Hagerty (R),
John Neely Kennedy (R),
Cynthia Lummis (R),
Roger Marshall (R),
Marco Rubio (R),
Rick Scott (R),
Thom Tillis (R),
Pat Toomey (R),
Last Action
Committee on Banking, Housing, and Urban Affairs. Hearings held. (on 06/14/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/117th-congress/senate-bill/4241/all-info |
| BillText | https://www.congress.gov/117/bills/s4241/BILLS-117s4241is.pdf |
| Bill | https://www.congress.gov/117/bills/s4241/BILLS-117s4241is.pdf.pdf |
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