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Protecting Americans’ Savings Act
To amend the Securities Exchange Act of 1934 to establish certain requirements related to proxy voting, and for other purposes.
Summary
This bill amends the Securities Exchange Act of 1934 to establish requirements for how institutional investors and others vote on corporate proxy solicitations. The bill directs the Securities and Exchange Commission to issue rules prohibiting "robovoting," which is automatically voting in line with proxy advisory firm recommendations without independent review. The bill restricts institutional investors from outsourcing proxy voting decisions to anyone other than registered investment advisers or brokers who have a fiduciary duty to the investor. The bill also provides that no person may be required to vote on proxy matters unless they have a fiduciary duty or are subject to specific SEC regulations.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Rep. Nunn, Zachary [R-IA-3] (R-IA)
Money behind the sponsor
Top reported contributors to Zachary Nunn’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.
- NULL $397,838
- MARQUIS MANAGEMENT INC. $16,550
- BRODIE GENERATIONAL CAPITAL PARTNERS $16,500
- STARKEY HEARING TECHNOLOGIES $13,200
- APOLLO GLOBAL MGMT $13,000
Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Zachary Nunn → · Outside spending →
Actions (2)
- Apr 20, 2026 Referred to the House Committee on Financial Services. · house
- Apr 20, 2026 Introduced in House
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE HOUSE OF REPRESENTATIVES
April 20, 2026
Mr. Nunn of Iowa introduced the following bill; which was referred to the Committee on Financial Services
A BILL
To amend the Securities Exchange Act of 1934 to establish certain requirements related to proxy voting, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Protecting Americans’ Savings Act”.
SEC. 2. REQUIREMENTS RELATED TO PROXY VOTING.
Section 14 of the Securities Exchange Act of 1934 (15 U.S.C. 78n) is amended by adding at the end the following:
“(l) Prohibition on Robovoting.—
“(1) In general.—The Commission shall issue final rules prohibiting the use of robovoting with respect to votes related to proxy or consent solicitation materials.
“(2) Robovoting defined.—In this subsection, the term ‘robovoting’ means the practice of automatically voting in a manner consistent with the recommendations of a proxy advisory firm or on a proxy advisory firm’s electronic voting platform with the proxy advisory firm’s recommendations, in either case, without independent review and analysis.
“(m) Prohibition on Outsourcing Voting Decisions by Institutional Investors.—With respect to votes related to proxy or consent solicitation materials, an institutional investor may not outsource voting decisions to any person other than an investment adviser or a broker or dealer that is registered with the Commission, or is exempt from such registration, and has a fiduciary or best interest duty to the institutional investor.
“(n) No Requirement To Vote.—No person may be required to cast votes related to proxy or consent solicitation materials, unless obligated by their fiduciary duty or Rule 206(4)-6 (17 CFR 275.206(4)-
6).”. <all>
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