Enhancing Multi-Class Share Disclosures Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (May 13, 2025)
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.
What just happenedJul 24, 2025
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Who’s behind it
- Referred in SenateJul 24, 2025
- Engrossed in HouseJul 23, 2025
- Reported in HouseJun 3, 2025
- Introduced in HouseMay 13, 2025
- Jul 24, 2025IntroReferral
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Banking, Housing, and Urban Affairs Committee - Jul 23, 2025FloorH38310
Motion to reconsider laid on the table Agreed to without objection.
- Jul 23, 2025FloorH37300
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, 2025Floor8000
Passed/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, 2025FloorH30000
Considered as unfinished business. (consideration: CR H3621-3622)
- Jul 21, 2025FloorH37220
At 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, 2025FloorH8D000
DEBATE - The House proceeded with forty minutes of debate on H.R. 3357.
- Jul 21, 2025FloorH30000
Considered under suspension of the rules. (consideration: CR H3508)
- Jul 21, 2025FloorH30300
Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.
- Jun 3, 2025CalendarsH12410
Placed on the Union Calendar, Calendar No. 90.
- Jun 3, 2025CommitteeH12200
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-120.
Financial Services Committee - Jun 3, 2025Committee5000
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-120.
Financial Services Committee - May 20, 2025Committee
Ordered to be Reported (Amended) by the Yeas and Nays: 51 - 0.
Financial Services Committee - May 20, 2025Committee
Committee Consideration and Mark-up Session Held
Financial Services Committee - May 13, 2025IntroReferralH11100
Referred to the House Committee on Financial Services.
Financial Services Committee - May 13, 2025IntroReferralIntro-H
Introduced in House
- May 13, 2025IntroReferral1000
Introduced in House