,i  #aah? ,,congress  #a/ ,session  ,h4 
,r4 #dfee  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,july #ad1 #bjbc,mr4  
,norman introduc$ ! foll[+ bill2 :i* 0  
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to am5d !         
,securities ,ex*ange ,act ( #aicd to    
prohibit ! ,securities & ,ex*ange       
,commission f compell+ ! inclusion or   
discussion ( %>ehold] proposals or proxy
 or cons5t solicitation mat]ials1 & =   
o!r purposes4  #a4 ,limitation ) respect
 to compell+ ! inclusion or discussion (
 %>ehold] proposals ,section #ad7;a7 ( !
 ,securities ,ex*ange ,act ( #aicd 7#ae 
,u4,s4,c4 #ghn7a77 is am5d$ by add+ at !
 end ! foll[+3  7#c7 ,limitation )      
respect to compell+ discussion (        
%>ehold] proposals ,except z provid$ 9  
p>agraph 7#b71 ! ,commission may n      
compel an issu] to include 9 a proxy    
/atem5t ( ! issu]--  7,a7 any %>ehold]  
proposal2 or  7,b7 any discussion 7ei!r 
f ! issu] or o!rwise7 relat$ to a       
%>ehold] proposal conta9$ 9 ! proxy     

/atem5t4  7#d7 ,rule ( con/ruction      
relat+ to ,/ate au?ority ,no?+ 9 ?is    
,act or any o!r securities law %all be  
con/ru$ to provide ! ,commission !      
au?ority to preempt ! ,/ate regulation (
 %>ehold] proposals or proxy or cons5t  
solicitation mat]ials4  4