# 119-s-3055: Corporate Governance Fairness Act

119-s-3055, Corporate Governance Fairness Act, is a 119th Congress bill sponsored by Sen. Reed, Jack [D-RI] (D-RI); status introduced; PRIA reads it as touching household money (as of 2026-04-21).

- Canonical: https://policyrisk.com/legislation/119-s-3055
- As of: 2026-04-21
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-s-3055
- Congress: 119
- Title: Corporate Governance Fairness Act
- Status: introduced
- Introduced: 2025-10-23
- Sponsor: Sen. Reed, Jack [D-RI] (D-RI)
- Cosponsors: 1
- Policy area: Finance and Financial Sector
- Touches household money: yes
- Last recorded action: 2026-04-21

## Summary

**Brings proxy advisory firms explicitly into the Investment Advisers Act and increases federal oversight.** This bill would define who counts as a proxy advisory firm, set a revenue exclusion with an opt-in, require registration for others, mandate inspections and record access, and force regular reports to Congress to improve transparency and reduce conflicts of interest. - Proxy advisory firms would be defined by the bill and excluded only if consolidated client revenues do not exceed a GDP-adjusted **$5 million** or if they elect exclusion. They would face new recordkeeping rules and must make records available for inspections beginning within **one year** of enactment. - Investors and issuers would get clearer disclosures and policies aimed at preventing false or misleading proxy recommendations and better access to material information needed to make voting and investment decisions. - The Commission must report to key congressional committees within **two years** and provide updates not less than every **five years**, while retaining authority to require additional exams and information as needed to protect investors.

## Cosponsors (1)

- Sen. Tillis, Thomas [R-NC] (R-NC), 2025-10-23T00:00:00.000Z

## Provisions PRIA read

- SEC inspections of proxy advisers: benefit, medium. This bill would require the SEC to start periodic inspections of covered proxy advisory firms within one year of enactment. Inspections would check for false or misleading statements and review conflicts-of-interest policies and programs. The SEC would report to Congress within two years and update…
- Exemption for small proxy firms: benefit, low. This bill would exclude proxy firms and their affiliates with $5,000,000 or less in client revenue in a fiscal year. The SEC would adjust the $5,000,000 threshold each year by U.S. GDP changes. Firms that meet the exclusion could choose to opt in and accept adviser obligations.
- New rules for proxy advisers: mixed, medium. This bill would treat proxy advisory firms as investment advisers under the Investment Advisers Act. If enacted, those firms would generally have to follow adviser rules and duties. That could raise compliance costs for firms and increase protections for investors.

## Related bills

- 119-s-4744: Take Care of America’s Veterans Act
- 119-s-1541: SHIPS for America Act of 2025
- 119-s-1748: Kids Online Safety Act
- 119-s-3492: Essential Caregivers Act of 2025
- 119-s-3990: PrEP Access and Coverage Act of 2026
- 119-s-5025: Lindsey O. Graham Sanctioning Russia Act of 2026

## Sources
- [119-s-3055 on Congress.gov](https://www.congress.gov/bill/119th-congress/senate-bill/3055)

## Related
- [119-s-4744: Take Care of America’s Veterans Act](https://policyrisk.com/legislation/119-s-4744)
- [119-s-1541: SHIPS for America Act of 2025](https://policyrisk.com/legislation/119-s-1541)
- [119-s-1748: Kids Online Safety Act](https://policyrisk.com/legislation/119-s-1748)
- [119-s-3492: Essential Caregivers Act of 2025](https://policyrisk.com/legislation/119-s-3492)
- [119-s-3990: PrEP Access and Coverage Act of 2026](https://policyrisk.com/legislation/119-s-3990)
- [119-s-5025: Lindsey O. Graham Sanctioning Russia Act of 2026](https://policyrisk.com/legislation/119-s-5025)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-s-3055 (as of 2026-04-21).