Bill · H.R. 9732· House(119-HR-9732)
Multi-Class Stock Company Voting Transparency Act.
- Introduced
- 7/16/2026
- Last activity
- 7/16/2026 — Referred to the House Committee on Financial Services.
- Sponsored by
- Sean Casten
- Cosponsors
- - 1 - 0
- Introduced
- In Committee
What this bill would do
This bill, known as the "Multi-Class Stock Company Voting Transparency Act," aims to amend the Securities Exchange Act of 1934. It focuses on companies that have a multi-class share structure, meaning they have two or more classes of voting securities. The legislation would require the Commission to create rules for these issuers. Specifically, it requires the disclosure of certain shareholder voting results during meetings where shareholders vote as one class. These disclosures must include vote counts and abstentions broken down by the specific class of security held.
Yes
Does this give people more protection from unfair business practices?+5
The bill increases corporate transparency, which serves as a form of protection for investors against opaque voting structures.
Does this make what the government does easier for the public to see?+5
The bill enhances financial transparency by requiring specific disaggregated voting data for multi-class stock structures.
Would people with substantial wealth be better off under this?+3
Increased transparency may benefit major shareholders by clarifying voting influence and outcomes.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
-
Increased Transparency for Shareholders: The bill requires issuers with two or more classes of voting securities to disclose the total number of votes cast for, against, or withheld, broken down by each class of voting security (Section 2, subsection l, 1). This ensures shareholders can see exactly how each group voted.
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Detailed Voting Data: The provision requires the disclosure of total abstentions and broker non-votes, also disaggregated by the class of voting security held (Section 2, subsection l, 2). This provides a clearer picture of how many shareholders in each class chose not to participate in the vote.
Potential Negative Impacts for People
- No negative impacts are explicitly mentioned in the text of the bill.
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
- Demographic And Interest Groups
- Good For High Net Worth Individuals+3
- 9/15/2026
- 1 Cosponsor added.
- 7/16/2026
- Referred to the House Committee on Financial Services.
- Introduced in House
Bill FosterDemocrat · Illinois