# 119-hr-8286: Protecting Americans’ Retirement Savings From Politics Act 119-hr-8286, Protecting Americans’ Retirement Savings From Politics Act, is a 119th Congress bill sponsored by Rep. Steil, Bryan [R-WI-1] (R-WI); status in_committee; PRIA reads it as touching household money (as of 2026-09-21). - Canonical: https://policyrisk.com/legislation/119-hr-8286 - As of: 2026-09-21 - Plain-text twin of the page above; the HTML and this file carry the same facts. ## Facts - Bill: 119-hr-8286 - Congress: 119 - Title: Protecting Americans’ Retirement Savings From Politics Act - Status: in_committee - Introduced: 2026-04-15 - Sponsor: Rep. Steil, Bryan [R-WI-1] (R-WI) - Cosponsors: 2 - Policy area: Finance and Financial Sector - Touches household money: yes - Last recorded action: 2026-09-21 ## Summary **Limit SEC issuer disclosure to only material information.** The bill would also create a Public Company Advisory Committee, impose a federal registration and oversight regime for proxy advisory firms, set new voting rules for passively managed funds, ban certain automated and outsourced voting practices, and require advisers to use a pecuniary-factor best-interest standard for personalized advice. - Issuers and investors: Issuers would only have to disclose information an issuer determines is material to a voting or investment decision. Materiality is defined as information whose omission would likely change the total mix of information a reasonable investor uses. - Proxy advisory firms and the proxy process: Proxy advisory firms would need to register with the SEC, disclose methodologies, face discipline or private liability for false or misleading advice, and be the subject of a comprehensive SEC study of the proxy process with an initial 10-year lookback and updates every five years. - Investment advisers, passive funds, and large managers: The bill would ban automated "robovoting" and tightly restrict outsourcing of voting. Advisers that vote for passively managed funds would generally have to follow beneficial owners' instructions or abstain and would get specified safe harbors. Large managers with at least $100 billion in assets under management would face extra disclosure and economic-analysis requirements when their votes diverge from issuer recommendations. ## Cosponsors (2) - Rep. Wagner, Ann [R-MO-2] (R-MO), 2026-04-15T00:00:00.000Z - Rep. Meuser, Daniel [R-PA-9] (R-PA), 2026-04-16T00:00:00.000Z ## Provisions PRIA read - Limit SEC issuer disclosure to material: mixed, high. If enacted, the SEC would have to limit issuer disclosure rulemaking so companies only disclose information the issuer deems material to investors' voting or investment decisions. The bill defines material as information whose omission would be substantially likely to change the total mix of inform… - New proxy voting rules for managers: mixed, high. If enacted, large institutional managers that use proxy advisers would face new voting rules and reporting. Managers must file an annual SEC report saying how they voted on each shareholder proposal and explain why. Managers with at least $100 billion in assets would have to do and disclose economi… - SEC registration for proxy firms: mixed, medium. If enacted, proxy advisory firms would have to register with the SEC to provide voting advice by mail or interstate commerce. Applications must disclose methods, conflicts, staff qualifications, and accuracy certifications. The SEC must act on applications within 90 days and finish contested procee… - Pecuniary best-interest for advisers: mixed, low. If enacted, brokers, dealers, and investment advisers would have to base personalized advice on pecuniary factors expected to affect return or risk. Non-pecuniary factors could be used only if the customer gives informed consent by e-delivery or e-sign, or if the advice matches the customer's writt… - SEC Public Company Advisory Committee: mixed, low. If enacted, the SEC would create a Public Company Advisory Committee to advise on reporting, governance, the proxy process, trading, and capital formation. The Committee would have 10 to 20 members. At least half would be public company officers or directors and members would serve staggered four-y… - SEC study of EU sustainability rules: mixed, low. If enacted, the SEC would study the effects of specified EU sustainability directives on U.S. companies, consumers, investors, and the economy. The study must be completed and reported to Congress within one year of enactment. The SEC could request data from private firms and those firms would have… ## Related bills - 119-hr-6644: 21st Century ROAD to Housing Act - 119-hr-9237: Take Care of America’s Veterans Act - 119-hr-6955: Main Street Capital Access Act - 119-hr-1229: United States-Israel Defense Partnership Act of 2025 - 119-hr-3132: CHOICE for Veterans Act of 2025 - 119-hr-833: Educational Choice for Children Act of 2025 ## Sources - [119-hr-8286 on Congress.gov](https://www.congress.gov/bill/119th-congress/house-bill/8286) ## Related - [119-hr-6644: 21st Century ROAD to Housing Act](https://policyrisk.com/legislation/119-hr-6644) - [119-hr-9237: Take Care of America’s Veterans Act](https://policyrisk.com/legislation/119-hr-9237) - [119-hr-6955: Main Street Capital Access Act](https://policyrisk.com/legislation/119-hr-6955) - [119-hr-1229: United States-Israel Defense Partnership Act of 2025](https://policyrisk.com/legislation/119-hr-1229) - [119-hr-3132: CHOICE for Veterans Act of 2025](https://policyrisk.com/legislation/119-hr-3132) - [119-hr-833: Educational Choice for Children Act of 2025](https://policyrisk.com/legislation/119-hr-833) - [All bills in Congress](https://policyrisk.com/legislation) Source: PRIA, https://policyrisk.com/legislation/119-hr-8286 (as of 2026-09-21).