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HR3357FEDERALSession 119Federal Billpassed chamber

Passed

Enhancing Multi-Class Share Disclosures Act (H.R. 3357)

Original title: Enhancing Multi-Class Share Disclosures Act

Last action · July 24, 2025: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.Sponsor: Gregory Meeks

Bill progressHistory & official text ↓

Introduced

Committee

Floor Vote

Passed

Law

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What This Bill Would Do

This bill requires public companies with multiple classes of stock to provide more detailed information about voting power in their shareholder meeting materials. It specifically mandates that companies disclose the exact voting power and share ownership of directors, nominees, executives, and major shareholders.

Why it matters

If passed, public companies with multi-class stock structures will be required to explicitly report the voting influence of their leadership and largest shareholders in proxy materials, changing how investors assess corporate control.

Who It Would Affect

Groups the bill's text would affect if enacted, as described in the record. Being affected is not a position for or against it.

Directly affected

Public companies with multi-class stock

These companies must update their proxy and consent solicitation materials to include specific voting power disclosures.

Directly affected

Shareholders

Shareholders will receive more detailed information regarding the voting control held by company insiders and major investors.

Directly affected

Securities and Exchange Commission (SEC)

The agency is tasked with creating the specific rules to implement these disclosure requirements.

Key Facts

The bill amends Section 14 of the Securities Exchange Act of 1934.
The SEC is required to create rules mandating disclosure for issuers with multi-class share structures.
Disclosures must be included in proxy or consent solicitation materials for annual shareholder meetings.
Companies must disclose the number of shares owned by directors, nominees, and executives as a percentage of total voting securities.

Show all 7 facts

Companies must disclose the percentage of total combined voting power held by directors, nominees, and executives.
Companies must disclose the same ownership and voting power data for any person owning 5% or more of the total combined voting power.
A 'multi-class share structure' is defined as a capitalization structure with 2 or more types of securities that have differing voting rights for directors.

Frequently Asked Questions

What is a multi-class share structure?

It is a company's stock setup where there are two or more types of shares that carry different amounts of voting rights for electing directors.

Who will have to disclose their voting power under this bill?

Directors, director nominees, named executive officers, and any person who beneficially owns 5% or more of the total combined voting power.

What else do you want to know?

News Coverage

No news coverage found yet. Articles are indexed twice daily.

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Votes, people, money & the original source

Where This Stands

Currently passed chamber. The next step in the legislative lifecycle is Law.

Procedural history

15 actions

Jul 24, 2025SenateCommittee
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jul 23, 2025House
Motion to reconsider laid on the table Agreed to without objection.
Jul 23, 2025HouseFloor
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, 2025HouseFloor
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, 2025House
Considered as unfinished business. (consideration: CR H3621-3622)
Jul 21, 2025House
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.

Show 9 earlier actions

Jul 21, 2025House
DEBATE - The House proceeded with forty minutes of debate on H.R. 3357.
Jul 21, 2025House
Considered under suspension of the rules. (consideration: CR H3508)
Jul 21, 2025House
Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.
Jun 3, 2025House
Placed on the Union Calendar, Calendar No. 90.
Jun 3, 2025House
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-120.
May 20, 2025HouseCommittee
Ordered to be Reported (Amended) by the Yeas and Nays: 51 - 0.
May 20, 2025House
Committee Consideration and Mark-up Session Held
May 13, 2025HouseCommittee
Referred to the House Committee on Financial Services.
May 13, 2025HouseIntroduced
Introduced in House

Version history

Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.

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Voting Record

Outcome not reportedHouse7/23/2025Voteview

Total

412

Yes: 381
No: 31
Present: 0
Not voting: 0
Abstain: 0

How they voted (412)

388 more members

Raja KrishnamoorthiDyes

Michael BaumgartnerRyes

Nicholas LangworthyRyes

Alexandria Ocasio-CortezDyes

Kristen McDonald RivetDyes

Guy ReschenthalerRyes

Christopher SmithRyes

Adriano EspaillatDyes

Michael GuestRyes

Thomas MassieRno

Janelle BynumDyes

Sheila Cherfilus-McCormickDyes

Teresa Leger FernandezDyes

Christopher DeluzioDyes

Brian FitzpatrickRyes

Jared GoldenDyes

Joyce BeattyDyes

Mark DeSaulnierDyes

Melanie StansburyDyes

Bonnie Watson ColemanDyes

George WhitesidesDyes

Mario Diaz-BalartRyes

Sydney Kamlager-DoveDyes

Janice SchakowskyDyes

Greg LandsmanDyes

Maggie GoodlanderDyes

Nicole MalliotakisRyes

Mariannette Miller-MeeksRyes

Bradley SchneiderDyes

Charles FleischmannRyes

Pete AguilarDyes

Debbie Wasserman SchultzDyes

Jodey ArringtonRyes

Donald DavisDyes

April McClain DelaneyDyes

Michelle FischbachRyes

Brittany PettersenDyes

Jennifer McClellanDyes

Full roll-call analysis →

Full breakdown

Who this bill affects and the strongest case for and against it, written only from the bill’s own text.

Discoveries

1 pattern noticed across the record

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift90% confidence

Increased Transparency for Insider Control

The bill shifts the burden of disclosure onto companies to explicitly quantify the voting power of insiders and major shareholders, rather than leaving it to investors to calculate from complex filings.

Securities and Exchange Commission (SEC)

Connected Entities

Securities Exchange Act of 1934, Mr. Meeks, House Financial Services Committee

otherSecurities Exchange Act of 1934“The existing law being amended by this bill”Map →

PersonMr. Meeks“Introduced the bill in the House of Representatives”Map →

OrganizationHouse Financial Services Committee“The committee to which the bill was referred”Map →

Sources

Open source document

www.congress.gov

Analysis Score

0–100

Significance45
How much this matters to a regular citizen
Controversy20
Intensity of disagreement among stakeholders
Entertainment5
Compellingness for a non-policy-wonk reader
Buzz15
Current news / social attention level

Publisher tools

Enhancing Multi-Class Share Disclosures Act (H.R. 3357)

What This Bill Would Do

Who It Would Affect

Key Facts

Frequently Asked Questions

News Coverage

Where This Stands

Procedural history

Version history

Voting Record

Full breakdown

Sponsors

Discoveries

Increased Transparency for Insider Control

Connected Entities

Sources

Analysis Score

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