,i  #aahth ,,congress  #ast ,session    
,h4 ,r4 #dfef  ,,in ,,the ,,house ,,of  
,,representatives  ,july #ad1 #bjbc,mr4 
,nunn of ,iowa introduced the following 
bill2 which was referred to the         
,committee on ,financial ,services  ,a  
,,bill  ,to amend the ,securities       
,exchange ,act of #aicd to prohibit     
robovoting with respect to votes related
 to proxy or consent solicitation       
materials1 and for other purposes4  #a4 
,short title ,this ,act may be cited as 
the ,protecting ,american's ,savings    
,act4  #b4 ,requirements related to     
proxy voting  7a7 ,in general ,section  
#ad of the ,securities ,exchange ,act of
 #aicd 7#ae ,u4,s4,c4 #ghn7 is amended  
by adding at the end the following3  7l7
 ,prohibition on robovoting  7#a7 ,in   
general ,the ,commission shall issue    
final rules prohibiting the use of      
robovoting with respect to votes related
 to proxy or consent solicitation       
materials4  7#b7 ,robovoting defined ,in
 this subsection1 the term robovoting   

means the practice of automatically     
voting in a manner consistent with the  
recommendations of a proxy advisory firm
 or pre-populating votes on a proxy     
advisory firm's electronic voting       
platform with the proxy advisory firm's 
recommendations1 in either case1 without
 independent review and analysis4  7m7  
,prohibition on outsourcing voting      
decisions by institutional investors ,an
 institutional investor may not         
outsource voting decisions with respect 
to votes related to proxy or consent    
solicitation materials4  7n7 ,no        
requirement to vote ,no person may be   
required to cast votes related to proxy 
or consent solicitation materials4  7o7 
,proxy advisory firm calculation of     
votes ,with respect to votes related to 
proxy or consent solicitation materials 
with respect to an issuer1 a proxy      
advisor firm shall calculate the vote   
result consistent with the law of the   
,state in which the issuer is           
incorporated4  4  7b7 ,proxy advisory   

firm defined ,section #c7;a7 of the     
,securities ,exchange ,act of #aicd 7#ae
 ,u4,s4,c4 #gh;c7a77 is amended by      
adding at the end the following3  7#hb7 
,proxy advisory firm ,the term proxy    
advisory firm-- 7,a7 means any person   
who is primarily engaged in the business
 of providing proxy voting advice1      
research1 analysis1 ratings1 or         
recommendations to clients1 which       
conduct constitutes a solicitation      
within the meaning of section #ad2 and  
7,b7 does not include any person that is
 exempt under law or regulation from the
 requirements otherwise applicable to   
persons engaged in such a solicitation4 
4