H.R.2795 — Enhancing Multi-Class Share Disclosures Act
House Roll Call
H.R.2795
| Bill | H.R.2795 — Enhancing Multi-Class Share Disclosures Act |
|---|---|
| Vote question | On Motion to Suspend the Rules and Pass, as Amended |
| Vote type | 2/3 Yea-And-Nay |
| Result | Passed |
| Totals | Yea 347 / Nay 30 / Present 0 / Not Voting 58 |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| R | 169 | 30 | 0 | 23 |
| D | 178 | 0 | 0 | 35 |
| I | 0 | 0 | 0 | 0 |
Research Brief
On Motion to Suspend the Rules and Pass, as Amended
Bill Analysis
Summary of HR 2795 - Enhancing Multi-Class Share Disclosures Act
HR 2795, titled the Enhancing Multi-Class Share Disclosures Act, aims to improve transparency regarding multi-class share structures in publicly traded companies. This legislation mandates enhanced disclosure requirements for companies that issue multiple classes of stock, particularly those with disparate voting rights.
Key Provisions: The bill requires companies to provide detailed information about the rights and privileges associated with each class of shares, including voting power, dividend rights, and any other material differences. This information must be included in annual reports and registration statements filed with the Securities and Exchange Commission (SEC). The goal is to equip investors with clearer insights into the governance and financial implications of multi-class share structures, which can disproportionately empower certain shareholders over others.
Funding and Authorities: While the bill does not allocate specific funding, it enhances the SEC’s existing regulatory framework by imposing new disclosure obligations. The SEC is tasked with enforcing these requirements, ensuring compliance among publicly traded companies.
Affected Programs and Agencies: The primary agency affected by this legislation is the SEC, which will oversee the implementation of the new disclosure requirements. Publicly traded companies that utilize multi-class share structures will be directly impacted, as they will need to adjust their reporting practices to align with the new mandates.
Beneficiaries and Regulation: Investors, particularly retail investors, will benefit from increased transparency, allowing for more informed decision-making regarding their investments in companies with complex share structures. The bill aims to protect shareholders by ensuring equitable access to critical information about their investments.
Key Timelines: After its introduction, HR 2795 was received in the Senate, read twice, and referred to the Committee on Banking, Housing, and Urban Affairs. Further legislative action is pending, with the timeline for potential enactment dependent on committee review and subsequent votes.
Yea (347)
C
Colin Allred
K
Kelly Armstrong
E
Earl Blumenauer
J
Jamaal Bowman
C
Cori Bush
K
Ken Calvert
Y
Yadira Caraveo
J
Jerry Carl
L
Lori Chavez-DeRemer
G
Gerald Connolly
J
Jason Crow
A
Anthony D'Esposito
L
Lloyd Doggett
J
John Duarte
J
Jeff Duncan
A
Anna Eshoo
A
A. Ferguson
S
Scott Franklin
M
Mike Gallagher
M
Mike Garcia
K
Kay Granger
G
Garret Graves
J
Jeff Jackson
S
Sheila Jackson Lee
B
Bill Johnson
D
Daniel Kildee
D
Derek Kilmer
A
Ann Kuster
D
Doug Lamborn
J
Jake LaTurner
B
Barbara Lee
B
Blaine Luetkemeyer
K
Kathy Manning
L
Lucy McBath
K
Kevin McCarthy
L
Lisa McClain
P
Patrick McHenry
M
Marcus Molinaro
A
Alexander Mooney
G
Grace Napolitano
W
Wiley Nickel
B
Bill Pascrell
D
Donald Payne
G
Greg Pence
D
Dean Phillips
B
Bill Posey
C
Cathy Rodgers
C
C. Ruppersberger
J
John Rutherford
G
George Santos
P
Pete Sessions
A
Abigail Spanberger
E
Eric Swalwell
R
Rashida Tlaib
D
David Trone
N
Nydia Velázquez
M
Michael Waltz
D
Debbie Wasserman Schultz
B
Brad Wenstrup
J
Jennifer Wexton
B
Brandon Williams
Nay (30)
D
Dan Bishop
K
Ken Buck
M
Michael Burgess
M
Matt Gaetz
B
Bob Good
M
Mark Green
D
Debbie Lesko
M
Matthew Rosendale
D
David Schweikert
Not Voting (58)
L
Larry Bucshon
T
Tony Cárdenas
M
Matt Cartwright
D
David Cicilline
R
Ruben Gallego
J
John Garamendi
R
Raúl Grijalva
B
Brian Higgins
M
Mary Peltola
K
Katie Porter
J
John Sarbanes
M
Michelle Steel
C
Chris Stewart
S
Susan Wild
