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CIVIC HERALD
HR 3357 · 119th Congress · HouseIn committee

Enhancing Multi-Class Share Disclosures Act

Provisional: our plain-language summary, pending review.

In plain language: Public companies that issue different classes of stock with unequal voting rights would have to clearly disclose who holds voting power in the company. In their annual shareholder voting materials, companies must report both the percentage of total shares owned and the percentage of actual voting power held by board members, top executives, and major investors. This allows ordinary shareholders to see any gap between how much of a company an insider financially owns and how much decision-making control they exercise.

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Provisionalunreviewed: impact, provisions, stakeholders, summary
People affected—Not determinable from the text provided; the requirement applies to public companies with multi-class share structures, their directors, executive officers, and 5-percent shareholders, but no specific counts are provided.
Fiscal magnitude—Not determinable from the text provided; no appropriations, fees, or monetary authorizations are established.
Reach
provisional · pending review22rigor: heuristic llm
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Issues

What this bill touches.

Market protections+20Banking/financial rules+28

The sign shows the bill's direction on each issue (+ toward, − away); the number is its magnitude. Color never encodes good or bad, and never party.

Who it affects

Who it helps · who it burdens.

Provisional: our reading of who it affects, pending review.

Who it helps

  • Public company shareholdersReceive standardized proxy disclosures showing the relationship between share ownership and voting control held by corporate insiders and major shareholders.provisional

Who it burdens

  • Public companies with multi-class share structuresMust prepare and disclose both the percentage of total shares owned and the percentage of voting power held by directors, nominees, named executive officers, and 5-percent voting owners in proxy materials or other required filings.provisional
  • Securities and Exchange CommissionMust write and implement regulations requiring public companies with multi-class shares to disclose ownership and voting power metrics.provisional

Dollar-level funding (FEC sector totals) is coming in a later phase.

What it does

The provisions, in plain language.

Provisional: our reading of what the bill does, pending review.

  1. Requires the Securities and Exchange Commission to issue rules directing public companies with multi-class share structures to report in their annual meeting proxy materials both the percentage of total shares owned and the percentage of total voting power controlled by each director, director nominee, top executive, and 5-percent-or-greater voting shareholder.

    Sec. 2provisional

How your members of Congress line up

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The record

How members voted on Enhancing Multi-Class Share Disclosures Act.

Recorded roll calls on this bill, most recent first. Open one to see each member's position.

  • House · Jul 23, 2025 · 2/3 YEA-AND-NAY

    On Motion to Suspend the Rules and Pass, as Amended · Passed

    Source →

Timeline

How it moved.

Show all 15 actions
  1. Jul 24, 2025Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  2. Jul 23, 2025Motion to reconsider laid on the table Agreed to without objection.
  3. Jul 23, 2025On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 381 - 31 (Roll no. 217). (text: 07/21/2025 CR H3508)
  4. Jul 23, 2025Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 381 - 31 (Roll no. 217). (text: 07/21/2025 CR H3508)
  5. Jul 23, 2025Considered as unfinished business. (consideration: CR H3621-3622)
  6. Jul 21, 2025At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
  7. Jul 21, 2025DEBATE - The House proceeded with forty minutes of debate on H.R. 3357.
  8. Jul 21, 2025Considered under suspension of the rules. (consideration: CR H3508)
  9. Jul 21, 2025Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.
  10. Jun 3, 2025Placed on the Union Calendar, Calendar No. 90.
  11. Jun 3, 2025Reported (Amended) by the Committee on Financial Services. H. Rept. 119-120.
  12. May 20, 2025Ordered to be Reported (Amended) by the Yeas and Nays: 51 - 0.
  13. May 20, 2025Committee Consideration and Mark-up Session Held
  14. May 13, 2025Referred to the House Committee on Financial Services.
  15. May 13, 2025Introduced in House
  1. Jul 24, 2025Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  2. Jul 23, 2025Motion to reconsider laid on the table Agreed to without objection.
  3. Jul 23, 2025On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 381 - 31 (Roll no. 217). (text: 07/21/2025 CR H3508)
  4. Jul 23, 2025Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 381 - 31 (Roll no. 217). (text: 07/21/2025 CR H3508)
  5. Jun 3, 2025Reported (Amended) by the Committee on Financial Services. H. Rept. 119-120.
  6. May 20, 2025Ordered to be Reported (Amended) by the Yeas and Nays: 51 - 0.
  7. May 13, 2025Introduced in House

The original text

Read it for yourself.

Read the original text →

Sources & provenance

Congress.govrefreshed 3 months ago

Cite this page

Civic Herald. “Enhancing Multi-Class Share Disclosures Act (H.R. 3357, 119th Congress).” https://civicherald.app/bills/119-hr-3357. Congress.gov record as of Jul 18, 2026.

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