H.R. 8383

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8383 Introduced in House (IH)]

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119th CONGRESS
2d Session
H. R. 8383

To amend the Securities Exchange Act of 1934 to establish certain 
requirements related to proxy voting, and for other purposes.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

April 20, 2026

Mr. Nunn of Iowa introduced the following bill; which was referred to 
the Committee on Financial Services

_______________________________________________________________________

A BILL

To amend the Securities Exchange Act of 1934 to establish certain 
requirements related to proxy voting, and for other purposes.

Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Protecting Americans' Savings Act''.

SEC. 2. REQUIREMENTS RELATED TO PROXY VOTING.

Section 14 of the Securities Exchange Act of 1934 (15 U.S.C. 78n) 
is amended by adding at the end the following:
``(l) Prohibition on Robovoting.--
``(1) In general.--The Commission shall issue final rules 
prohibiting the use of robovoting with respect to votes related 
to proxy or consent solicitation materials.
``(2) Robovoting defined.--In this subsection, the term 
`robovoting' means the practice of automatically voting in a 
manner consistent with the recommendations of a proxy advisory 
firm or on a proxy advisory firm's electronic voting platform 
with the proxy advisory firm's recommendations, in either case, 
without independent review and analysis.
``(m) Prohibition on Outsourcing Voting Decisions by Institutional 
Investors.--With respect to votes related to proxy or consent 
solicitation materials, an institutional investor may not outsource 
voting decisions to any person other than an investment adviser or a 
broker or dealer that is registered with the Commission, or is exempt 
from such registration, and has a fiduciary or best interest duty to 
the institutional investor.
``(n) No Requirement To Vote.--No person may be required to cast 
votes related to proxy or consent solicitation materials, unless 
obligated by their fiduciary duty or Rule 206(4)-6 (17 CFR 275.206(4)-
6).''.
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