,i  #aai? ,,congress  #b;d ,session  ,h4
 ,r4 #hchc  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,april #bj1 #bjbf,mr4 
,nunn ( ,i[a introduc$ ! foll[+ bill2   
:i* 0 ref]r$ to ! ,committee on         
,f9ancial ,s]vices  ,a ,,bill  ,to am5d 
! ,securities ,ex*ange ,act ( #aicd to  
e/abli% c]ta9 requirem5ts relat$ to     
proxy vot+1 & = o!r purposes4  #a4 ,%ort
 title  ,?is ,act may be cit$ z !       
,protect+ ,am]icans' ,sav+s ,act4  #b4  
,requirem5ts relat$ to proxy vot+       
,section #ad ( ! ,securities ,ex*ange   
,act ( #aicd 7#ae ,u4,s4,c4 #ghn7 is    
am5d$ by add+ at ! end ! foll[+3  7l7   
,prohibition on robovot+  7#a7 ,9 g5]al 
,! ,commission %all issue f9al rules    
prohibit+ ! use ( robovot+ ) respect to 
votes relat$ to proxy or cons5t         
solicitation mat]ials4  7#b7 ,robovot+  
def9$ ,9 ?is subsection1 ! t]m robovot+ 
means ! practice ( automatically vot+ 9 
a mann] consi/5t ) ! recomm5dations ( a 
proxy advisory firm or on a proxy       
advisory firm's electronic vot+ plat=m )

 ! proxy advisory firm's recomm5dations1
 9 ei!r case1 )\t indep5d5t review &    
analysis4  7m7 ,prohibition on outs\rc+ 
vot+ decisions by in/itutional inve/ors 
,) respect to votes relat$ to proxy or  
cons5t solicitation mat]ials1 an        
in/itutional inve/or may n outs\rce vot+
 decisions to any p]son o!r ?an an      
inve/m5t advis] or a brok] or deal] t is
 regi/]$ ) ! ,commission1 or is exempt f
 su* regi/ration1 & has a fiduci>y or   
be/ int]e/ duty to ! in/itutional       
inve/or4  7n7  ,no requirem5t ,to vote  
,no p]son may be requir$ to ca/ votes   
relat$ to proxy or cons5t solicitation  
mat]ials1 unless obligat$ by _! fiduci>y
 duty or ,rule #bjf7d7-f 7#ag ,,cfr     
#bge4bjf7d7-f74  4