HOUSE 2795118th CongressReceived in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Enhancing Multi-Class Share Disclosures Act

Last Action: 5/31/2023

Actions

2023-05-31Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2023-05-30Motion to reconsider laid on the table Agreed to without objection.
2023-05-30On 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)
2023-05-30Passed/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)
2023-05-30Considered as unfinished business. (consideration: CR H2662-2663)
2023-05-30At 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.
2023-05-30DEBATE - The House proceeded with forty minutes of debate on H.R. 2795.
2023-05-30Considered under suspension of the rules. (consideration: CR H2653-2654)
2023-05-30Mrs. Wagner moved to suspend the rules and pass the bill, as amended.
2023-05-30Placed on the Union Calendar, Calendar No. 58.
2023-05-30Reported (Amended) by the Committee on Financial Services. H. Rept. 118-79.
2023-05-30Reported (Amended) by the Committee on Financial Services. H. Rept. 118-79.
2023-04-26Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 48 - 1.
2023-04-26Committee Consideration and Mark-up Session Held.
2023-04-24Referred to the House Committee on Financial Services.

Showing 15 of 17 actions. Full history on Congress.gov.

CRS Summary

As of 2023-05-30 (53)

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.

Subjects

Consumer affairs
Corporate finance and management
Financial services and investments
Securities

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