Protecting Americans’ Retirement Savings From Politics Act
Sponsored By: Representative Steil, Bryan [R-WI-1]
In Committee
Summary
Tighten oversight of proxy advisory firms and proxy voting disclosures. This bill would require studies and firm-specific rulemaking timelines, create new enforcement tools for regulators, and give issuers targeted legal remedies for misleading proxy advice.
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- Issuers and public companies would gain a private right of action in specified circumstances and face new statutory liability for false or misleading proxy voting disclosures under Rule 14a-9.
- Proxy advisory firms would enter registration review and faster rulemaking schedules, including 90-day initial determinations, 180-day final-rule deadlines, and rules that become effective within 1 year. Firms could face administrative sanctions such as censure, limitations, suspension up to 12 months, or revocation.
- Regulators and policymakers would receive studies and reports to inform oversight, including an SEC study due within 1 year and a proxy-advisor study with an initial report in 180 days and then every 5 years. Reports are directed to congressional committees and specific federal agencies.
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Bill Overview
Analyzed Economic Effects
4 provisions identified: 0 benefits, 1 costs, 3 mixed.
Tighten issuer disclosure materiality test
If enacted, the bill would limit SEC rulemaking so issuers must disclose information only when the issuer determines it is material to a voting or investment decision. Materiality is defined by whether a reasonable investor would view the omission as significantly altering the total mix of available information. This narrower test would apply to new disclosure rules when the SEC is engaged in rulemaking and takes effect upon enactment.
Adviser must put money first in advice
If enacted, the bill would change the retail "best interest" rule so advisers must put pecuniary (money) factors first. Non-pecuniary factors like politics or ESG could be considered only if you give informed consent by e-sign or if the advice matches your written investment profile. If you consent, the adviser would have to explain how non-pecuniary choices might affect returns. The SEC must issue rules within 12 months and the change would apply one year after enactment.
New rules for proxy advisers and votes
If enacted, the bill would create a new SEC regime for proxy advisory firms. Firms would have to register with the SEC to sell paid proxy voting advice across state lines and update filings yearly. The SEC would study proxy advisers quickly (first study due in 180 days) and every 5 years after. Large managers would file annual proxy-vote reports and managers with $100,000,000,000 or more in assets must include economic analyses for many votes. The bill would expand legal liability for paid standalone proxy advice, ban automatic "robovoting," and set voting safe-harbor options for index-like funds (rules like a 60% index threshold and a 5-business-day form deadline apply). The SEC would have enforcement powers including censure, 12-month suspensions, or revocations for registered firms.
New SEC public company advisory panel
If enacted, the bill would create a Public Company Advisory Committee at the SEC with 10 to 20 members. At least half the members must be officers, directors, or senior officials of public companies. Members would serve four-year terms, with some initial two-year terms. The committee could not advise on the SEC's enforcement program, and the Federal Advisory Committee Act would not apply. The committee would start upon enactment.
Sponsors & CoSponsors
Sponsor
Steil, Bryan [R-WI-1]
WI • R
Cosponsors
Rep. Wagner, Ann [R-MO-2]
MO • R
Sponsored 4/15/2026
Rep. Meuser, Daniel [R-PA-9]
PA • R
Sponsored 4/16/2026
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov