,,ii  #aaith ,,congress  #b;d ,session  
,s4 #chca  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,february #aa1 
#bjbf,mr4 ,gallego 7for himself and ,mr4
 ,rounds7 introduced the following bill2
 which was read twice and referred to   
the ,committee on ,banking1 ,housing1   
and ,urban ,affairs  ,a ,,bill  ,to     
amend the ,securities ,exchange ,act of 
#aicd to require issuers with a         
multi-class stock structure to make     
certain disclosures in any proxy or     
consent solicitation material1 and for  
other purposes4  #a4 ,short title ,this 
,act may be cited as the ,enhancing     
,multi-,class ,share ,disclosures ,act4 
#b4 ,disclosure relating to multi-class 
share structures ,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 ,disclosure
 for issuers with multi-,class share    
structures  7#a7 ,definition ,in this   
subsection1 the term multi-class share  
structure means a capitalization        

structure that contains #b or more      
classes of securities that have         
differing amounts of voting rights in   
the election of directors4  7#b7        
,disclosure ,the ,commission shall1 by  
rule1 require each issuer with a        
multi-class share structure to disclose 
the information described in paragraph  
7#c7 in-- 7,a7 any proxy or consent     
solicitation material for an annual     
meeting of the shareholders of the      
issuer2 or  7,b7 any other filing1 as   
the ,commission determines appropriate4 
7#c7 ,content ,a disclosure made under  
paragraph 7#b7 shall include1 with      
respect to each person who is a         
director1 director nominee1 or named    
executive officer of the issuer1 or who 
is a beneficial owner of securities with
 #e percent or more of the total        
combined voting power of all classes of 
securities entitled to vote in the      
election of directors of the issuer--   
7,a7 the number of shares of all classes
 of securities entitled to vote in the  

election of directors beneficially owned
 by that person1 expressed as a         
percentage of the total number of the   
outstanding securities of the issuer    
entitled to vote in the election of     
directors2 and  7,b7 the amount of      
voting power held by that person1       
expressed as a percentage of the total  
combined voting power of all classes of 
the securities of the issuer entitled to
 vote in the election of directors4  4