H.R. 4790 – Guiding Uniform and Responsible Disclosure Requirements and Information Limits Act of 2023
H.R. 4790 - Guiding Uniform and Responsible Disclosure Requirements and Information Limits Act of 2023 [Prioritizing Economic Growth Over Woke Policies Act]
Hearing Information
Amendment Deadline
Thursday, September 12, 2024 - 4:00pm View Announcement »
Meeting Announcement
Tuesday, September 17, 2024 - 4:00pm H-313, The Capitol View Announcement »
Video
Rules Committee Hearing for H.R. 3724, 4790, 5179, 5339, 5717, 7909, and H.J.Res. 136
Bill Text
Rules Committee Print 118-48 PDFXML
Showing the text of H.R. 4790, H.R. 4655, H.R. 4767, and H.R. 4823, all as reported by the Committee on Financial Services
Text of H.R. 4790 (as reported) PDFXML
:: H. Rept. 118-336 – Report from the Committee on Financial Services to accompany H.R. 4790 PDF
Text of H.R. 4655 (as reported) PDF XML
:: H. Rept. 118-326 – Report from the Committee on Financial Services to accompany H.R. 4655 PDF
Text of H.R. 4767 (as reported) PDF XML
:: H. Rept. 118-324 – Report from the Committee on Financial Services to accompany H.R. 4767 PDF
Text of H.R. 4823 (as reported) PDF XML
:: H. Rept. 118-325 – Report from the Committee on Financial Services to accompany H.R. 4823 PDF
Hearing Documents
Rule PDF
H. Rept. 118-685 PDF
Rule Information
COMMITTEE ACTION:
REPORTED BY A RECORD VOTE of 9-3 on Tuesday, September 17, 2024.
FLOOR ACTION ON H. RES. 1455:
Agreed to by a record vote of 214-200, after agreeing to the previous question by a record vote of 206-196, on Wednesday, September 18, 2024.
MANAGERS: Houchin/McGovern
1. Structured rule for H.R. 3724.
2. Waives all points of order against consideration of the bill.
3. Provides one hour of general debate equally divided and controlled by the chair and ranking minority member of the Committee on Education and the Workforce or their respective designees.
4. Provides that, in lieu of the amendment in the nature of a substitute recommended by the Committee on Education and the Workforce now printed in the bill, an amendment in the nature of a substitute consisting of the text of Rules Committee Print 118-49 shall be considered as adopted and the bill, as amended, shall be considered as read.
5. Waives all points of order against provisions in the bill, as amended.
6. Makes in order only the amendments printed in part A of the Rules Committee report. Each amendment shall be considered only in the order printed in the report, may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question.
7. Waives all points of order against the amendments printed in part A of the Rules Committee report.
8. Provides one motion to recommit.
9. Closed rule for H.R. 4790.
10. Waives all points of order against consideration of the bill.
11. Provides that, in lieu of the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill, an amendment in the nature of a substitute consisting of the text of Rules Committee Print 118-48, modified by the amendment printed in part B of the Rules Committee report, shall be considered as adopted and the bill, as amended, shall be considered as read.
12. Waives all points of order against provisions in the bill, as amended.
13. Provides one hour of general debate equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services or their respective designees.
14. Provides one motion to recommit.
15. Closed rule for H.R. 5179.
16. Waives all points of order against consideration of the bill.
17. Provides that the amendment in the nature of a substitute recommended by the Committee on Ways and Means shall be considered as adopted and the bill, as amended, shall be considered as read.
18. Waives all points of order against provisions in the bill, as amended.
19. Provides one hour of general debate equally divided and controlled by the chair and ranking minority member of the Committee on Ways and Means or their respective designees.
20. Provides one motion to recommit.
21. Closed rule for H.R. 5339.
22. Waives all points of order against consideration of the bill.
23. Provides that, in lieu of the amendment in the nature of a substitute recommended by the Committee on Education and the Workforce now printed in the bill, an amendment in the nature of a substitute consisting of the text of Rules Committee Print 118-50 shall be considered as adopted and the bill, as amended, shall be considered as read.
24. Waives all points of order against provisions in the bill, as amended.
25. Provides one hour of general debate equally divided and controlled by the chair and ranking minority member of the Committee on Education and the Workforce or their respective designees.
26. Provides one motion to recommit.
27. Structured rule for H.R. 5717.
28. Waives all points of order against consideration of the bill.
29. Provides one hour of general debate equally divided and controlled by the chair and ranking minority member of the Committee on the Judiciary or their respective designees.
30. Provides that the bill shall be considered as read.
31. Waives all points of order against provisions in the bill.
32. Makes in order only the amendments printed in part C of the Rules Committee report. Each amendment shall be considered only in the order printed in the report, may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question.
33. Waives all points of order against the amendments printed in part C of the Rules Committee report.
34. Provides one motion to recommit.
35. Closed rule for H.R. 7909.
36. Waives all points of order against consideration of the bill.
37. Provides that, in lieu of the amendment in the nature of a substitute recommended by the Committee on the Judiciary now printed in the bill, an amendment in the nature of a substitute consisting of the text of Rules Committee Print 118-47 shall be considered as adopted and the bill, as amended, shall be considered as read.
38. Waives all points of order against provisions in the bill, as amended.
39. Provides one hour of general debate equally divided and controlled by the chair and ranking minority member of the Committee on the Judiciary or their respective designees.
40. Provides one motion to recommit.
41. Closed rule for H. J. Res. 136.
42. Waives all points of order against consideration of the joint resolution.
43. Provides that the joint resolution shall be considered as read.
44. Waives all points of order against provisions in the joint resolution.
45. Provides one hour of general debate equally divided and controlled by the chair and ranking minority member of the Committee on Energy and Commerce or their respective designees.
46. Provides one motion to recommit.
Amendments (click each header to sort table ▲▼ by that column)
| # | Version # | Sponsor(s) | Party | Summary | Status |
|---|---|---|---|---|---|
| 1 | Version 1 | Beatty (OH) | Democrat | Preserves the SEC’s ability to issue any rule relating to the disclosure of information, including corporate diversity disclosures and human capital management disclosures. | Submitted |
| 2 | Version 1 | Beatty (OH) | Democrat | Preserves the SEC's authority to compel an issuer to include in a proxy statement a shareholder proposal regarding risks related to racial inequity. | Submitted |
| 3 | Version 1 | Beatty (OH) | Democrat | Allows the Fed, FDIC, OCC, and NCUA to issue rules that promote diversity, equity, and inclusion with respect to their regulated entities, including rules to combat discriminatory products and practices, modern-day redlining, and other barriers to equal access to affordable financial products and services. | Submitted |
| 4 | Version 1 | Schiff (CA), Vargas (CA), Casten (IL) | Democrat | Clarifies that climate risk disclosure information is always material with respect to a voting or investment decision regarding the securities of such issuer. | Submitted |
| 5 | Version 1 | Garcia (TX) | Democrat | Adds language to express that climate change has and will continue to affect American businesses and the global economy and that going forward, Congress shall make a good-faith effort to legislate in response to this real and material risk. | Submitted |
| 6 | Version 1 | Garcia (TX) | Democrat | Prevents the bill's provisions from taking effect unless federal banking regulators certify that climate is not a risk to the safety and soundness of the entities affected or the U.S. financial system. | Submitted |
| 7 | Version 1 | Vargas (CA), Casten (IL) | Democrat | Ensures that nothing within the act can limit the SEC’s ability to conduct rulemakings pertaining to standardizing climate related disclosures and human capital management disclosures, or any other disclosure-based rulemaking that the SEC’s deems crucial to fulfill its disclosure mandate in accordance with the Securities Exchange Act of 1934. | Submitted |
| 8 | Version 1 | Vargas (CA), Casten (IL) | Democrat | Directs the SEC to conduct an economic analysis of all the proposals in Division C. If the economic analysis finds that the proposals within the division limit information that investors consider material or limit the ability for shareholders to submit proposals, those limits cannot go into effect. | Submitted |
| 9 | Version 1 | Meeks (NY), Houlahan (PA) | Democrat | Adds findings that shows companies that incorporate DEI perform better and that this finding has consistently been illustrated across empirical research studies. | Submitted |
| 10 | Version 1 | Casten (IL), Vargas (CA) | Democrat | Directs the SEC to assess the economic impact of the bill on federal and state pensions, and municipalities. | Submitted |
| 11 | Version 1 | Casten (IL), Vargas (CA), Houlahan (PA) | Democrat | Expresses the sense of Congress that praises capitalism and affirms that the government should not interfere with investor choice and freedom. | Submitted |
| 12 | Version 1 | Casten (IL), Vargas (CA) | Democrat | Directs the SEC to study and provide recommendations to Congress to promote standardization of ESG ratings and methodologies and to improve transparency among ESG rating agencies. | Submitted |
| 13 | Version 1 | Casten (IL), Vargas (CA) | Democrat | Renames the bill as the “Canceling Capitalism Policy Act or 2024” or the “CCP Act of 2024.” | Submitted |
| 14 | Version 1 | Casten (IL), Vargas (CA), Houlahan (PA) | Democrat | Directs the SEC to assess the economic impact on investors if the U.S. fails to adopt mandatory, comparable, and consistent climate disclosures. | Submitted |
| 15 | Version 1 | Casten (IL), Vargas (CA) | Democrat | Strikes the Public Company Advisory Committee Act from the bill to limit the influence of large corporations over SEC disclosure obligations and shareholder voting rules. | Submitted |
| 16 | Version 2 | Biggs (AZ) | Republican | Late Withdrawn Requires the SEC to update Rule 14a-8, which would allow companies to exclude shareholder proposals that do not have a material impact on the financial performance of the company. | Withdrawn |
| 17 | Version 1 | Waters (CA) | Democrat | Late Expresses a Sense of Congress that private funds are operating consistently with the law when offering grants specifically aimed at helping minority-owned businesses on account of trends showing they face inordinate barriers to accessing capital. | Submitted |
| 18 | Version 1 | Waters (CA) | Democrat | Late Requires public companies to disclose whenever they eliminate any employees or offices within the company tasked with enhancing the company’s commitment to promoting diversity, equity, and inclusion within its workforce and business practices. | Submitted |
| 19 | Version 2 | Waters (CA) | Democrat | Late Revised Allows regulators to encourage financial firms to increase access to credit for small and minority-owned businesses, women-owned businesses, and veteran-owned businesses, including through partnerships with CDFIs/MDIs and novel underwriting to support start-ups. | Revised |
| 20 | Version 1 | Sherman (CA) | Democrat | Late Mandates companies to disclose material risks regarding their connections to the People’s Republic of China, including (i) any control that the Chinese government or Chinese-based entities have in their business, as well as (ii) any links to Uyghur forced labor. In doing so, this amendment codifies a portion of the SEC’s July 2023 guidance regarding China-specific disclosures (for reference: https://www.sec.gov/rules-regulations/staff-guidance/disclosure-guidance/sample-letter-companies-regarding-china). | Submitted |
| 21 | Version 1 | Houlahan (PA), Casten (IL) | Democrat | Late Requires SEC to study and issue a report on how shareholder engagement has encouraged issuers to adopt governance policies that are now widely adopted as best practices and recognized as important to long-term value creation. | Submitted |
| 22 | Version 1 | Vargas (CA), Houlahan (PA) | Democrat | Late Expresses a Sense of Congress that climate change has had a profound economic impact on regions across the U.S. and that financial regulators should continue to encourage companies to disclose the effect that these events have on their business operations and financial performance. | Submitted |
| 23 | Version 1 | Tlaib (MI) | Democrat | Late Requires the Federal Reserve Board to certify that all financial institutions under their supervision are operating in a safe and sound manner, are in compliance with all consumer financial protection laws, and have compensation practices that hold executives accountable and do not incentivize unsound practices before amendments made by division D can take effect. | Submitted |
| 24 | Version 1 | Huizenga (MI) | Republican | MANAGER’S AMENDMENT Late Restricts the Securities and Exchange Commission from collecting registration fees during fiscal years 2026 and 2027 and depositing them into their Reserve Fund. | Considered as Adopted |
Committee Votes
Rules Committee Record Vote No. 267
Motion by Mr. McGovern to amend the rule to make in order amendment #8 to H.R. 4790, offered by Representative Vargas, which directs the SEC to conduct an economic analysis of all the proposals in Division C—if the economic analysis finds that the proposals within the division limit information that investors consider material or limit the ability for shareholders to submit proposals, those limits cannot go into effect. Defeated: 3–9
Rules Committee Record Vote No. 268
Motion by Mr. McGovern to amend the rule to make in order amendment #6 to H.R. 4790, offered by Representative Garcia of Texas, which prevents the bill's provisions from taking effect unless federal banking regulators certify that climate is not a risk to the safety and soundness of the entities affected or the U.S. financial system. Defeated: 3–9
Rules Committee Record Vote No. 269
Motion by Mr. McGovern to amend the rule to make in order amendments #18 and 19 to H.R. 4790, offered by Representative Waters. Amendment #18 would require public companies to disclose whenever they eliminate any employees or offices within the company tasked with enhancing the company’s commitment to promoting diversity, equity, and inclusion within its workforce and business practices. Amendment #19 would allow regulators to encourage financial firms to increase access to credit for small and minority-owned businesses, women-owned businesses, and veteran-owned businesses. Defeated: 3–9
Rules Committee Record Vote No. 270
Motion by Mrs. Houchin to report the rule. Adopted: 9–3