Bryan Steil (R-WI)
Protecting Americans’ Retirement Savings From Politics Act
A Republican bill with 2 Republican cosponsors · See all 2 cosponsors
Last activity — Placed on the Union Calendar, Calendar No. 618.
Cleared committee, waiting for its first floor vote
A committee approved it and it is on the calendar of the chamber it started in.
This is further than most bills get, and still no promise of a vote: the calendar is a queue, and the majority leadership decides what is called. A bill can sit here until the Congress ends.
Its path through Congress
- Introduced
- On Calendar
What this bill would do
This bill, titled the "Protecting Americans' Retirement Savings From Politics Act," seeks to amend Federal securities laws regarding disclosure requirements and corporate governance. It establishes a Public Company Advisory Committee to advise the SEC on regulatory priorities and capital formation. The legislation mandates studies on the impact of European corporate sustainability directives and the influence of proxy advisory firms. It also requires the registration of proxy advisory firms and imposes specific duties on investment managers and pension funds. Additionally, the bill addresses proxy voting for passively managed funds and requires investment advice to be based on pecuniary factors.
Yes· 3 of 13
- Scored +5
Would people over 65 be better off under this?
Aims to protect retirement savings by focusing investment advice on pecuniary factors.
- Scored +5
Would retired people be better off under this?
Protects retirement savings by prioritizing pecuniary factors in investment advice.
- Scored +5
Does this make what the government does easier for the public to see?
Requires significant new disclosures from proxy advisory firms and fund managers.
The opposite· 3 of 4
- Scored -3
Does this cut the pollution that drives climate change?
Prioritizes pecuniary factors over non-pecuniary factors like environmental goals in investment advice.
- Scored -3
Does this better protect air, water and wildlife?
Limits the use of non-pecuniary environmental factors in personalized investment advice.
- Scored -2
Does this put more money into wind, solar and other renewable power?
May reduce ESG-driven investments by mandating a focus on pecuniary returns.
Who it would affect, and how
Potential Positive Impacts for People
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Limitation on Disclosure Obligations: Issuers would only be required to disclose information that they have determined is material to a voting or investment decision, which could limit unnecessary disclosure requirements (Section 101).
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Establishment of an Advisory Committee: The creation of the Public Company Advisory Committee is intended to provide advice to the Commission regarding the protection of investors and the facilitation of capital formation (Section 201).
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Increased Transparency for Proxy Advisors: Requie-ring proxy advisory firms to register and disclose their methodologies, organizational structures, and potential conflicts of interest could help investors understand the factors influencing recommendations (Section 501).
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Enhanced Accountability for Proxy Advisors: The bill establishes a system where proxy advisory firms must provide issuers with reasonable access to data used for recommendations and a way to resolve complaints (Section 501).
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Empowerment of Passive Fund Investors: Investors in passively managed funds may be able to instruct their investment advisers to vote according to their specific instructions or the recommendations of a company's board of directors (Section 901).
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Focus on Financial Returns: When providing personalized investment advice, the best interest of a customer would be determined using pecuniary factors, which are expected to have a material effect on the risk or return of an investment (Section 1001).
Potential Negative Impacts for People
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Requirement for Studies: The bill mandates several studies, such as one evaluating the impact of European sustainability directives, which could involve the collection of data from private entities (Section 301, Section 401).
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New Obligations for Proxy Advisory Firms: Registering as a proxy advisory firm involves significant requirements, including providing annual reports, maintaining an ombudsman, and managing potential conflicts of interest (Section 501).
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Liability for Proxy Advisory Firms: Under certain conditions, proxy advisory firms could be held liable to issuers for costs associated with the approval of proposals if those recommendations are found by a court to violate law (Section 501).
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Increased Reporting Burdens for Institutional Managers: Institutional investment managers would be required to file annual reports detailing how they voted on shareholder proposals and how those votes align with their fiduciary duties (Section s701).
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Restrictions on Investment Advice: Investment professionals would be required to prioritize pecuniary factors, and if a customer chooses to consider non-pecuniary factors, the professional must disclose the potential financial effects of that choice (Section 1001).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Tap or hover a score for the reason it gave.
- Demographic And Interest Groups
- Would retired people be better off under this? — Protects retirement savings by prioritizing pecuniary factors in investment advice. Would people over 65 be better off under this? — Aims to protect retirement savings by focusing investment advice on pecuniary factors. Would business owners be better off under this? — Reduces mandatory corporate disclosures and limits liability of certain voting actions. Would billionaires be better off under this? — Ensures investment advice is centered on financial returns. Would high-income households be better off under this? — Protects retail investment accounts by mandating a focus on risk and return. Would people with substantial wealth be better off under this? — Ensures investment advice is centered on financial returns. Would middle-income households be better off under this? — Protects retail investors' savings from non-pecuniary influences. Would the very wealthiest people be better off under this? — Ensures investment advice is centered on financial returns.
- Environment Energy And Infrastructure
- Does this better protect air, water and wildlife? — Limits the use of non-pecuniary environmental factors in personalized investment advice. Does this cut the pollution that drives climate change? — Prioritizes pecuniary factors over non-pecuniary factors like environmental goals in investment advice. Does this put more money into wind, solar and other renewable power? — May reduce ESG-driven investments by mandating a focus on pecuniary returns. Does this reduce how much oil, gas and coal is produced? — Shifts focus away from non-pecuniary environmental targets in investment decisions.
- Governance And Ideology
- Does this make what the government does easier for the public to see? — Requires significant new disclosures from proxy advisory firms and fund managers. Does this give the federal government more power? — Expands SEC oversight and registration requirements for proxy advisory firms.
- Economy And Finance
- Does this give people more protection from unfair business practices? — Increases transparency and accountability for proxy advisory firms and investment managers. Is this likely to grow the economy? — Reduces corporate disclosure burdens which may facilitate capital formation.
- National Security And Foreign Policy
- Does this make trade with other countries easier? — Directs a study on the impact of EU sustainability directives on US business sovereignty.
- 6/24/2026
- Reported (Amended) by the Committee on Financial Services. H. Rept. 119-712.
- Placed on the Union Calendar, Calendar No. 618.
- 4/21/2026
- Committee Consideration and Mark-up Session Held
- Ordered to be Reported by the Yeas and Nays: 27 - 24.
- 4/16/2026
- 1 Cosponsor added.
- 4/15/2026
- Referred to the House Committee on Financial Services.
- 1 Cosponsor added.
- Introduced in House
4 bills Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
- 119-HR-3402: To amend the Securities Exchange Act of 1934 to require certain disclosures by institutional investment managers in connection with proxy advisory firms, and for other purposes.
- 119-HR-6967: Public Company Advisory Committee Act of 2026
- 119-HR-8265: Empowering Shareholders Act of 2026
- 119-HR-8383: Protecting Americans’ Savings Act
Daniel MeuserRepublican · Pennsylvania
Ann WagnerRepublican · Missouri