# 119-s-3831: Enhancing Multi-Class Share Disclosures Act

119-s-3831, Enhancing Multi-Class Share Disclosures Act, is a 119th Congress bill sponsored by Sen. Gallego, Ruben [D-AZ] (D-AZ); status introduced; PRIA reads it as touching household money (as of 2026-04-21).

- Canonical: https://policyrisk.com/legislation/119-s-3831
- 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-3831
- Congress: 119
- Title: Enhancing Multi-Class Share Disclosures Act
- Status: introduced
- Introduced: 2026-02-11
- Sponsor: Sen. Gallego, Ruben [D-AZ] (D-AZ)
- Cosponsors: 1
- Policy area: Finance and Financial Sector
- Touches household money: yes
- Last recorded action: 2026-04-21

## Summary

**More transparent voting power**. This bill would create a new disclosure regime for companies that use multi-class share structures. - A "multi-class share structure" is a capitalization with two or more classes that give differing voting rights in director elections. - It would require per-person disclosures for each director, director nominee, named executive officer, and any beneficial owner holding at least 5% of the combined voting power. - For each listed person issuers must report shares held as a percentage of outstanding voting securities and the percentage of total combined voting power they control in director elections. - Those disclosures must appear in proxy or consent solicitation materials for an annual meeting or in any other filing the Securities and Exchange Commission requires through rulemaking.

## Cosponsors (1)

- Sen. Rounds, Mike [R-SD] (R-SD), 2026-02-11T00:00:00.000Z

## Provisions PRIA read

- Disclosure rules for multi-class companies: mixed, medium. This bill would require the SEC to write rules for companies that use multi-class share structures. It would define multi-class share structure as two or more classes with different voting rights for director elections. The SEC would require companies to disclose, in the annual meeting proxy or ano…

## Related bills

- 119-s-2838: Protecting Our Democracy Act
- 119-s-5283: Momnibus Act
- 119-s-2904: SHADOW Fleet Sanctions Act of 2026
- 119-s-3257: John A. Hauser Mental Health in Aviation Act
- 119-s-554: United States-Israel Defense Partnership Act of 2025
- 119-s-390: BADGES for Native Communities Act

## Sources
- [119-s-3831 on Congress.gov](https://www.congress.gov/bill/119th-congress/senate-bill/3831)

## Related
- [119-s-2838: Protecting Our Democracy Act](https://policyrisk.com/legislation/119-s-2838)
- [119-s-5283: Momnibus Act](https://policyrisk.com/legislation/119-s-5283)
- [119-s-2904: SHADOW Fleet Sanctions Act of 2026](https://policyrisk.com/legislation/119-s-2904)
- [119-s-3257: John A. Hauser Mental Health in Aviation Act](https://policyrisk.com/legislation/119-s-3257)
- [119-s-554: United States-Israel Defense Partnership Act of 2025](https://policyrisk.com/legislation/119-s-554)
- [119-s-390: BADGES for Native Communities Act](https://policyrisk.com/legislation/119-s-390)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-s-3831 (as of 2026-04-21).