Us Congress 2023-2024 Regular Session

Us Congress House Bill HB8255

Introduced
5/6/24  

Caption

To establish a minimum public comment period with respect to proposed rules issued by the Securities and Exchange Commission.

Impact

The implementation of HB8255 is expected to enhance transparency and stakeholder engagement in the rulemaking process of the SEC. By mandating a minimum comment period, the bill intends to provide individuals and organizations ample time to analyze proposed regulations and submit concerns or suggestions. This shift could result in more informed rulemaking and potentially lead to better regulations that protect investors and maintain market integrity.

Summary

House Bill 8255 aims to establish a minimum public comment period concerning proposed rules issued by the Securities and Exchange Commission (SEC). The proposed legislation amends the Securities Exchange Act of 1934 to require that the SEC provide a public comment period of at least 60 days for rulemaking, except in cases where the SEC determines that an imminent investor harm is addressed, in which case a minimum period of 30 days would suffice. This initiative emphasizes the importance of stakeholder engagement in the regulatory process, ensuring that the voices of investors and relevant parties are considered before new rules take effect.

Contention

Notable points of contention regarding this bill may arise from differing opinions on regulatory compliance and the timing of rule enactment. Proponents argue that extended public comment periods foster transparency and improve regulatory outcomes, while opponents may suggest that longer comment periods could delay important regulations, particularly those meant to address urgent market issues. The balance between ensuring thorough public input and maintaining timely regulatory updates is a critical aspect of the debates surrounding HB8255.

Companion Bills

US HB8339

Related SEC Reform and Restructuring Act

Previously Filed As

US HB8226

To require the Comptroller General of the United States to carry out a study regarding major rules issued by the Securities and Exchange Commission.

US HB8394

To restrict the Chinese Government from accessing United States capital markets and exchanges if it fails to comply with international laws relating to finance, trade, and commerce.

US HB2610

To amend the Securities Exchange Act of 1934 to specify certain registration statement contents for emerging growth companies, to permit issuers to file draft registration statements with the Securities and Exchange Commission for confidential review, and for other purposes.

US HB448

Putting Investors First Act of 2023 This bill requires a proxy advisory firm to register with the Securities and Exchange Commission and prohibits an unregistered proxy advisory firm from using interstate commerce to provide proxy-voting advice, research, analysis, or recommendations to any client. With respect to these firms, the bill (1) establishes procedures for both registration and termination of registration; (2) requires each firm to employ an ombudsman, designate a compliance officer, and publicly disclose conflicts of interest; (3) allows issuers to assess and comment on proxy voting recommendations; and (4) prohibits unfair, coercive, or abusive practices. The bill establishes a private right of action against a proxy advisory firm that endorses an approved proposal that is not supported by the issuer and is found to be illegal.

US HB8933

Original Securities and Exchange Atonement Act of 2024

US HB4648

To amend the Securities Exchange Act of 1934 to provide for duties of certain investment advisors, asset managers, and pension funds with respect to voting on shareholder proposals, and for other purposes.

US HB257

Stop Environmental Calculations Act of 2025 or the SEC Act of 2025 This bill prohibits the Securities and Exchange Commission from requiring issuers of securities to make climate-related disclosures that are not material to investors.

US HB10490

To amend the Deepwater Port Act of 1974 to improve community outreach, public participation, and the consideration of community and environmental impacts with respect to the issuance of a license under that Act, and for other purposes.

US HB8426

Public Service Freedom to Negotiate Act of 2024

US HB52

Stop Woke Investing ActThis bill requires the Securities and Exchange Commission (SEC) to amend regulations to limit the inclusion of shareholder proposals in proxy statements. A proxy statement is provided to shareholders prior to a public company holding a shareholder meeting and contains information relevant to a shareholder vote. Under current SEC rules, certain qualifying shareholder proposals must be included on a company's proxy statement, including proposals that raise significant social policy issues.Under the bill, a shareholder proposal must have a material effect on the financial performance of the company to be included in a proxy statement. The bill also establishes a cap on the number of shareholder proposals required to be included in a shareholder meeting, depending on the size and type of the company. In addition, a proposal submitted by a member of the board of directors is prohibited from inclusion as a shareholder proposal.

Similar Bills

No similar bills found.