Steil Statement on SEC’s Rule on Proxy Advisory Firms
WASHINGTON, DC – Today, Congressman Bryan Steil (WI-01) released a statement following the Security and Exchange Commission’s (SEC) announcement regarding the updated rules governing proxy voting advisory firms.
“Under the current administration, the SEC has pursued an aggressive activist agenda and limited stakeholder input. The SEC must work to ensure U.S. capital markets remain competitive and support innovation here at home. Today’s decision to overturn the recently updated rules for proxy voting advisory firms is yet another step in the wrong direction. These changes will reverse the progress made under Chairman Clayton and will reduce accountability and transparency.”
On June 14, 2021 and February 2, 2022, Congressman Steil and Capital Markets Subcommittee Ranking Member Bill Huizenga sent a letter to SEC Chair Gary Gensler expressing concerns regarding the Commission’s planned review of the updated rules governing proxy voting advisory firms. To read the full text of the letter, click here and here. Congressman Steil also introduced the Corporate Governance Reform and Transparency Act (H.R. 5116) in the 116th Congress.
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