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CIVIC HERALD
HR 3357 · 119th Congress · HouseIn committee

Enhancing Multi-Class Share Disclosures Act

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.

Provisional: our plain-language summary, pending review.

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.
Reach22provisional · pending reviewrigor: 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.

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.

  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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Timeline

How it moved.

  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. Jun 3, 2025Reported (Amended) by the Committee on Financial Services. H. Rept. 119-120.
  7. May 20, 2025Ordered to be Reported (Amended) by the Yeas and Nays: 51 - 0.
  8. May 13, 2025Introduced in House
  9. May 13, 2025Introduced in House

The original text

Read it for yourself.

Read the original text →

Sources & provenance

Congress.govrefreshed 9 days ago

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