Enhancing Multi-Class Share Disclosures Act
Introduced May 13, 2025 by Rep. Gregory W. Meeks
The House passed it. The Senate has to pass it before it can reach the President.
Enhancing Multi-Class Share Disclosures Act
This bill requires issuers of securities with multi-class share structures to disclose certain information in any proxy solicitation or consent solicitation material. A multi-class share structure occurs when a company issues two or more classes of shares that have different voting rights. For example, a company may issue one class of shares with no or few voting rights for the public, and another class with more voting rights for company founders and executives.
Under the bill, the issuer must disclose certain information about each director, director nominee, named executive officer, and each beneficial owner of securities with 5% or more of the total combined voting power of all classes of securities entitled to vote in the election of directors. Specifically, the issuer must disclose (1) the number of shares of all classes of securities entitled to vote in the election of directors beneficially owned by such person, and (2) the amount of voting power held by such person.
Summary by the Congressional Research Service.
- Jul 24, 2025Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Jul 23, 2025Motion to reconsider laid on the table Agreed to without objection.
- Jul 23, 2025On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 381 - 31 (Roll no. 217). (text: 07/21/2025 CR H3508)
- Jul 23, 2025Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 381 - 31 (Roll no. 217). (text: 07/21/2025 CR H3508)
- Jul 23, 2025Considered as unfinished business. (consideration: CR H3621-3622)
- Jul 21, 2025At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
- Jul 21, 2025DEBATE - The House proceeded with forty minutes of debate on H.R. 3357.
- Jul 21, 2025Considered under suspension of the rules. (consideration: CR H3508)
- Jul 21, 2025Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.
- Jun 3, 2025Placed on the Union Calendar, Calendar No. 90.
- Jun 3, 2025Reported (Amended) by the Committee on Financial Services. H. Rept. 119-120.
- May 20, 2025Ordered to be Reported (Amended) by the Yeas and Nays: 51 - 0.
- May 20, 2025Committee Consideration and Mark-up Session Held
- May 13, 2025Referred to the House Committee on Financial Services.
- May 13, 2025Introduced in House