,,ib ,union ,calendar ,no4 #bfe #aahth  
,,congress  #ast ,session  ,h4 ,r4 #dfee
 ,report ,no4 #aah-cbf ,,in ,,the       
,,house ,,of ,,representatives  ,july   
#ad1 #bjbc,mr4 ,norman introduced the   
following bill2 which was referred to   
the ,committee on ,financial ,services  
,december #ai1 #bjbc,reported with an   
amendment1 committed to the ,committee  
of the ,whole ,house on the ,state of   
the ,union1 and ordered to be           
printed,strike out all after the        
enacting clause and insert the part     
printed in italic,for text of introduced
 bill1 see copy of bill as introduced on
 ,july #ad1 #bjbc  ,a ,,bill  ,to amend 
the ,securities ,exchange ,act of #aicd 
to prohibit the ,securities and         
,exchange ,commission from compelling   
the inclusion or discussion of          
shareholder proposals or proxy or       
consent solicitation materials1 and for 
other purposes4  #a4 ,short title ,this 
,act may be cited as the ,businesses    
,over ,activists ,act4  #b4 ,limitation 

with respect to compelling the inclusion
 or discussion of shareholder proposals 
,section #ad7;a7 of the ,securities     
,exchange ,act of #aicd 7#ae ,u4,s4,c4  
#ghn7a77 is amended by adding at the end
 the following3  7#c7 ,limitation with  
respect to compelling inclusion or      
discussion of shareholder proposals     
,except as provided in paragraph 7#b71  
the ,commission may not compel an issuer
 to include in a proxy statement of the 
issuer-- 7,a7 any shareholder proposal2 
or  7,b7 any discussion 7either from the
 issuer or otherwise7 related to a      
shareholder proposal contained in the   
proxy statement4  7#d7 ,rule of         
construction relating to ,state         
authority ,nothing in this ,act or any  
other securities law shall be construed 
to provide the ,commission the authority
 to preempt the ,state regulation of    
shareholder proposals or proxy or       
consent solicitation materials4  4      
,december #ai1 #bjbc,reported with an   
amendment1 committed to the ,committee  

of the ,whole ,house on the ,state of   
the ,union1 and ordered to be printed