INDEX Act
- Last Action
- 7/27/2023
Actions
- 2023-07-27Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 2023-07-27Introduced in Senate
CRS Summary
As of 2023-07-27 (00)
INvestor Democracy is EXpected Act or the INDEX Act
This bill establishes guidelines for passively managed funds (e.g., index funds) that vote shares on behalf of fund investors in proxy shareholder votes. Under the bill, these funds generally must vote shares on a proportional basis according to instructions from fund investors.
The bill establishes an exemption for routine matters and matters requiring approval of a majority of outstanding securities. Additionally, the bill establishes a safe harbor from these requirements for investment advisers.
Cosponsors (14)
- Mike Crapo (R-ID)
- Chuck Grassley (R-IA)
- John Cornyn (R-TX)
- Thomas Tillis (R-NC)
- Cynthia Lummis (R-WY)
- Steve Daines (R-MT)
- Kevin Cramer (R-ND)
- Marco Rubio (R-FL)
- Rick Scott (R-FL)
- Bill Hagerty (R-TN)
- Bill Cassidy (R-LA)
- Roger Marshall (R-KS)
- Mike Lee (R-UT)
- John Kennedy (R-LA)
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.