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H.R. 3357

U.S. House•In Senate Committee

Summary

H.R. 3357, the Enhancing Multi-Class Share Disclosures Act, was introduced in the House on May 13, 2025 by Rep. Gregory Meeks (D). It was referred to Banking, Housing, And Urban Affairs, and last saw action on Jul 24, 2025: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Record

Text

H.R. 3357 has 1 roll call.

hb3357/engrossed-in-house.txt
119 HR 3357 EH: Enhancing Multi-Class Share Disclosures Act
 U.S. House of Representatives
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 IB
 119th CONGRESS  1st Session
 H. R. 3357
 IN THE HOUSE OF REPRESENTATIVES
 AN ACT
To amend the Securities Exchange Act of 1934 to require issuers with a multi-class stock structure to make certain disclosures in any proxy or consent solicitation material, and for other purposes.
1.
Short title
This Act may be cited as the   Enhancing Multi-Class Share Disclosures Act  .
2.
Disclosure relating to multi-class share structures
Section 14 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78n ) is amended by adding at the end the following:
(l)
Disclosure relating to multi-class share structures
(1)
Disclosure
The Commission shall, by rule, require each issuer with a multi-class share structure to disclose the information described in paragraph (2) in any proxy or consent solicitation material for an annual meeting of the shareholders of the issuer, or any other filing as the Commission determines appropriate.
(2)
Content of disclosure
A disclosure made under paragraph (1) shall include, with respect to each person who is a director, director nominee, or named executive officer of the issuer, or who is the beneficial owner of securities with 5 percent or more of the total combined voting power of all classes of securities entitled to vote in the election of directors—
(A)
the number of shares of all classes of securities entitled to vote in the election of directors beneficially owned by such person, expressed as a percentage of the total number of the outstanding securities of the issuer entitled to vote in the election of directors; and
(B)
the amount of voting power held by such person, expressed as a percentage of the total combined voting power of all classes of the securities of the issuer entitled to vote in the election of directors.
(3)
Multi-class share structure
In this subsection, the term  multi-class share structure  means a capitalization structure that contains 2 or more types of securities that have differing amounts of voting rights in the election of directors.
 .
     Passed the House of Representatives July 23, 2025.  Kevin F. McCumber,  Clerk.

Tracker

The tracker indicates the progress of this legislation as it moves through the legislative process.

  1. Introduced2025-05-13
  2. Passed House2025-07-23
  3. Passed Senate
  4. Conference
  5. To President
  6. Became Law

CRS Summary

The summaries are the Congressional Research Service’s, one per stage. Read them in full.

Introduced in House May 13, 2025

hb3357/introduced-in-house.md

Shown Here:
Introduced in House (05/13/2025)

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.

Sponsors

Rep. Gregory Meeks (D) sponsors H.R. 3357 alone.

Gregory Meeks

Rep. · D–NY-5 · Sponsor

Committees

H.R. 3357 went before 2 committees: Banking, Housing, and Urban Affairs and Financial Services.

Banking, Housing, and Urban Affairs
Banking, Housing, and Urban Affairs
Referred To · Jul 24, 2025 · 465 Bills
Financial Services
Financial Services
Reported By · Jun 3, 2025 · 559 Bills

Reports

1 committee report has been filed on H.R. 3357, the latest H. Rept. 119-120.

Actions

H.R. 3357 has taken 15 actions since May 13, 2025, the latest on Jul 24, 2025.

ChamberAction
Jul 24, 2025
Senate
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, 202515:30
House
Considered as unfinished business. (consideration: CR H3621-3622)
Jul 23, 202515:58
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)House roll call 217 381–31
Jul 23, 202515:58
House
Motion to reconsider laid on the table Agreed to without objection.
Jul 23, 202515:58
—
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) roll call 217

Votes

H.R. 3357 went to 1 roll call in the House, the latest on Jul 23, 2025 at 381–31.

ChamberQuestion
Yea
Nay
Jul 23, 2025
House
On Motion to Suspend the Rules and Pass, as Amended
381
31

1 bill is related to H.R. 3357.

Titles

H.R. 3357 goes by 7 titles, 4 of them short titles.

  • Enhancing Multi-Class Share Disclosures Act — Display Title
  • To amend the Securities Exchange Act of 1934 to require issuers with a multi-class stock structure to make certain disclosures in any proxy or consent solicitation material, and for other purposes. — Official Titles from EH (Engrossed in House) bill text
  • Enhancing Multi-Class Share Disclosures Act — Short Titles from RFS (Referred to Senate) bill text
  • Enhancing Multi-Class Share Disclosures Act — Short Title(s) as Passed House
  • Enhancing Multi-Class Share Disclosures Act — Short Title(s) as Reported to House
  • To amend the Securities Exchange Act of 1934 to require issuers with a multi-class stock structure to make certain disclosures in any proxy or consent solicitation material, and for other purposes. — Official Title as Introduced
  • Enhancing Multi-Class Share Disclosures Act — Short Title(s) as Introduced

Cost estimate

The Congressional Budget Office has filed 1 estimate for H.R. 3357, the latest on Jul 16, 2025.

Lobbying

4 clients hired 4 firms and 99 registered lobbyists who named H.R. 3357 in 7 quarterly filings, 2025. Reported under the Lobbying Disclosure Act; a filing’s income covers everything its registrant worked that quarter, so the amounts below are the filings’, not this bill’s.

Filed under Financial Institutions/Investments/Securities, Banking, Budget/Appropriations, Government Issues, Labor Issues/Antitrust/Workplace, Taxation/Internal Revenue Code, Aerospace, Automotive Industry.

Clients

Who paid to be heard, by how many filings named the bill.

ClientBusinessStateFirmsFilingsReported
CHAMBER OF COMMERCE OF THE U.S.A.—District of Columbia13—
INTERNATIONAL CORPORATE GOVERNANCE NETWORKInvestor-led global organisation for corporate governance and stewardship practices.—12—
AMERICANS FOR FINANCIAL REFORM—District of Columbia11—
COUNCIL OF INSTITUTIONAL INVESTORS—District of Columbia11—

Firms

Registrants who filed on the bill, by filings.

RegistrantClientsFilingsReported
CHAMBER OF COMMERCE OF THE U.S.A.13—
CARLOW CONSULTING, LLC12—
AMERICANS FOR FINANCIAL REFORM11—
COUNCIL OF INSTITUTIONAL INVESTORS11—

Lobbyists

Named on the filings that cite the bill. The 20 named most often, of 99.

LobbyistFirmsClientsFilings
ABELARDO TORRES113
ALEXA BRANSON113
ANDREA PORWOLL113
ASHLEY GUM113
BRADLEY WATTS113
BRINCE MANNING113
BROOKE MILLER113
CASSIA CARVALHO113
CHAD WHITEMAN113
CHANTEL SHEAKS113
CHRISTOPHER CRENSHAW113
CHRISTOPHER EYLER113
CHRISTOPHER GUITH113
CHRISTOPHER ROBERTI113
CLARK JACKSON113
DAN BYERS113
ERIN DELANEY113
ESPERANZA JELALIAN113
FOXHALL PARKER113
GARY LITMAN113

Filings

The documents themselves, on the Senate’s Lobbying Disclosure site, largest reported first.

ClientRegistrantPeriodReportedDocument
CHAMBER OF COMMERCE OF THE U.S.A.CHAMBER OF COMMERCE OF THE U.S.A.2025 second_quarter$19.3M2nd Quarter - Report
CHAMBER OF COMMERCE OF THE U.S.A.CHAMBER OF COMMERCE OF THE U.S.A.2025 fourth_quarter$18M4th Quarter - Report
CHAMBER OF COMMERCE OF THE U.S.A.CHAMBER OF COMMERCE OF THE U.S.A.2025 third_quarter$13.7M3rd Quarter - Report
AMERICANS FOR FINANCIAL REFORMAMERICANS FOR FINANCIAL REFORM2025 second_quarter$150K2nd Quarter - Report
INTERNATIONAL CORPORATE GOVERNANCE NETWORKCARLOW CONSULTING, LLC2025 fourth_quarter—4th Quarter - Report
INTERNATIONAL CORPORATE GOVERNANCE NETWORKCARLOW CONSULTING, LLC2025 third_quarter—3rd Quarter - Report
COUNCIL OF INSTITUTIONAL INVESTORSCOUNCIL OF INSTITUTIONAL INVESTORS2025 second_quarter—2nd Quarter - Report

Classification

The Congressional Research Service files H.R. 3357 under Finance and Financial Sector, one of its 31 policy areas, and gives it 4 legislative subjects.

CRS Subjects

CRS assigns every bill one policy area from its 31; H.R. 3357’s is Finance and Financial Sector.

hr3357/policy-areas.txt
Finance and Financial SectorAgriculture and FoodAnimalsArmed Forces and National SecurityArts, Culture, ReligionCivil Rights and Liberties, Minority IssuesCommerceCongressCrime and Law EnforcementEconomics and Public FinanceEducationEmergency ManagementEnergyEnvironmental ProtectionFamiliesForeign Trade and International FinanceGovernment Operations and PoliticsHealthHousing and Community DevelopmentImmigrationInternational AffairsLabor and EmploymentLawNative AmericansPublic Lands and Natural ResourcesScience, Technology, CommunicationsSocial WelfareSports and RecreationTaxationTransportation and Public WorksWater Resources Development

Legislative Subjects

H.R. 3357 carries 4 of CRS’s legislative subjects, from Consumer affairs to Securities.

hr3357/subjects.txt
Consumer affairsCorporate finance and managementFinancial services and investmentsSecurities

Constitutional authority

The clause the sponsor cites as Congress’s power to enact H.R. 3357, as entered in the Congressional Record.

[Congressional Record Volume 171, Number 80 (Tuesday, May 13, 2025)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. MEEKS:H.R. 3357.Congress has the power to enact this legislation pursuantto the following:Article I of the Constitution[Page H2001]

Source: congress.gov · legiscan.com