Protecting Americans’ Savings Act aims to amend the Securities Exchange Act of 1934 to establish requirements related to proxy voting.
The Protecting Americans’ Savings Act seeks to amend the Securities Exchange Act of 1934 by introducing specific requirements for proxy voting. It defines "robovoting" as automatically voting in line with a proxy advisory firm's recommendations without independent review. The Act prohibits institutional investors from outsourcing voting decisions to entities other than registered investment advisers or brokers with fiduciary duties. It also mandates the Securities and Exchange Commission to issue rules prohibiting the use of robovoting in proxy or consent solicitation materials.
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