Bill · H.R. 3357· House(119-HR-3357)
Enhancing Multi-Class Share Disclosures Act
- Introduced
- 5/13/2025
- Last activity
- 7/24/2025 — Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Sponsored by
- Gregory Meeks
- Cosponsors
- None
- Introduced
- Passed House
- In Senate committee
What this bill would do
This bill, known as the "Enhancing Multi-Class Share Disclosures Act," aims to amend the Securities Exchange Act of 1934. It focuses on companies that use a multi-class share structure, which involves different types of securities with different voting rights. The Act requires these issuers to provide specific disclosures in proxy or consent solicitation materials. These disclosures must detail the number of shares and the voting power held by certain individuals. This applies to directors, nominees, executive officers, or large beneficial owners.
Yes
Does this give people more protection from unfair business practices?+5
The bill improves transparency for shareholders which functions as a form of investor protection.
Does this make what the government does easier for the public to see?+5
The bill increases corporate transparency by requiring specific disclosures of voting power.
The opposite
No question was scored the opposite.
What Congress actually voted on
One recorded vote has been taken on this bill.
- The House: a fast-track vote, needing two-thirds to passPassed 381–31
The House sets aside its normal procedure to move quickly: no amendments, little debate, and a two-thirds bar instead of a simple majority. It is used for measures expected to be uncontroversial, so a bill that fails here failed despite broad expectations that it would not.
07/23/2025 · Roll call 217 · recorded as “On Motion to Suspend the Rules and Pass, as Amended”
Who it would affect, and how
Potential Positive Impacts for People
-
Increased Transparency for Shareholders: The bill requires issuers with a multi-class share structure to disclose specific ownership and voting power information in proxy or consent solicitation materials (Section 2, paragraph 1). This provides shareholders with clear information regarding who holds significant control over the company.
-
Detailed Ownership Data: For directors, nominees, executive officers, or anyone owning 5 percent or more of the total combined voting power, the bill mandates disclosure of the number of shares owned as a percentage of total outstanding securities (Section 2, paragraph 2, subparagraph A).
-
Clarity on Voting Control: The bill requires the disclosure of the specific amount of voting power held by these individuals expressed as a percentage of the total combined voting power (Section 2, paragraph 2, subparagraph B). This allows people to understand the actual weight of the votes held by those in leadership or major ownership positions.
Potential Negative Impacts for People
- No specific negative impacts are explicitly detailed in the text provided.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Economy And Finance
- Improves Consumer Protection+5
- Governance And Ideology
- Improves Government Transparency+5
- 7/24/2025
- Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 7/23/2025
- Motion to reconsider laid on the table Agreed to without objection.
- Passed/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)
- 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)
- Considered as unfinished business. (consideration: CR H3621-3622)
- 7/21/2025
- At 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.
- DEBATE - The House proceeded with forty minutes of debate on H.R. 3357.
- Considered under suspension of the rules. (consideration: CR H3508)
- Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.
- 6/3/2025
- Reported (Amended) by the Committee on Financial Services. H. Rept. 119-120.
- Placed on the Union Calendar, Calendar No. 90.
- 5/20/2025
- Committee Consideration and Mark-up Session Held
- Ordered to be Reported (Amended) by the Yeas and Nays: 51 - 0.
- 5/13/2025
- Referred to the House Committee on Financial Services.
- Introduced in House
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.