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H.R. 3357 · 119th Congress

Enhancing Multi-Class Share Disclosures Act

Introduced May 13, 2025Policy area: Finance and Financial Sector

Read the textOn Congress.gov

Status: Passed House

  1. Introduced
  2. Committee
  3. Passed House
  4. Passed Senate
  5. To President
  6. Law

Latest action

: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summary

Enhancing Multi-Class Share Disclosures Act

This bill requires issuers of securities with multi-class share structures to disclose certain information in any proxy solicitation or consent solicitation material. A multi-class share structure occurs when a company issues two or more classes of shares that have different voting rights. For example, a company may issue one class of shares with no or few voting rights for the public, and another class with more voting rights for company founders and executives.

Under the bill, the issuer must disclose certain information about each director, director nominee, named executive officer, and each beneficial owner of securities with 5% or more of the total combined voting power of all classes of securities entitled to vote in the election of directors. Specifically, the issuer must disclose (1) the number of shares of all classes of securities entitled to vote in the election of directors beneficially owned by such person, and (2) the amount of voting power held by such person.

Summary by the Congressional Research Service.

Actions

  1. Senate

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

  2. House

    Motion to reconsider laid on the table Agreed to without objection.

  3. 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)

  4. House

    Considered as unfinished business. (consideration: CR H3621-3622)

  5. House

    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.

  6. House

    DEBATE - The House proceeded with forty minutes of debate on H.R. 3357.

  7. House

    Considered under suspension of the rules. (consideration: CR H3508)

  8. House

    Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.

  9. House

    Placed on the Union Calendar, Calendar No. 90.

  10. House

    Reported (Amended) by the Committee on Financial Services. H. Rept. 119-120.

  11. House

    Ordered to be Reported (Amended) by the Yeas and Nays: 51 - 0.

  12. House

    Committee Consideration and Mark-up Session Held

Show 2 earlier actions
  1. House

    Referred to the House Committee on Financial Services.

  2. Introduced in House