WHAT THE LAW DOINCongress, in plain words

H.R. 3357 · 119th Congress

Enhancing Multi-Class Share Disclosures Act

Passed HouseFinance and Financial Sector
IntroducedMay 13, 2025
Passed HouseJul 23, 2025
Passed SenateNot yet
To PresidentNot yet
Became lawNot yet

Where it stands

Passed House. Latest step, Jul 24, 2025: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. The House passed it 381–31. All 4 of Iowa's representatives voted yes in the House. It would change 1 section of existing law.

How this bill changes the law

Sourced

H.R. 3357 would change 1 section of existing law. Read from the bill text as sent to the Senate (Jul 24, 2025).

15 U.S.C. 78n Proxies

What the words would change: every change, in place (1)

Today's wording of each part of the law, with what would be struck out and added. Each change also gives the bill's own instruction, word for word.

  1. 15 U.S.C. 78nadded (l)by H.R. 3357 Sec. 2

    (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.

    The bill says: Section 14 of the Securities Exchange Act of 1934 (15 U.S.C. 78n) is amended by adding at the end the following:

    Bill text · Current law (15 U.S.C. 78n)

From the bill's official text on GovInfo and the U.S. Code, 2024 edition, which may not yet show changes made since.

What it does

Sourced

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.

Official summary by the Congressional Research Service (Introduced in House, May 13, 2025).

Our plain-language breakdown, with what it means for you and the case for and against, is written once a bill starts to move.

What has happened

Sourced
  1. Jul 24, 2025Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.Senate
  2. Jul 23, 2025Motion to reconsider laid on the table Agreed to without objection.House floor actions
  3. Jul 23, 2025On 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 recordHouse floor actions
  4. Jul 23, 2025Passed/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 recordLibrary of Congress
  5. Jul 23, 2025Considered as unfinished business. (consideration: CR H3621-3622)House floor actions
  6. Jul 21, 2025At 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.House floor actions
  7. Jul 21, 2025DEBATE - The House proceeded with forty minutes of debate on H.R. 3357.House floor actions
  8. Jul 21, 2025Considered under suspension of the rules. (consideration: CR H3508)House floor actions
  9. Jul 21, 2025Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.House floor actions
  10. Jun 3, 2025Placed on the Union Calendar, Calendar No. 90.House floor actions
  11. Jun 3, 2025Reported (Amended) by the Committee on Financial Services. H. Rept. 119-120.House floor actions
  12. Jun 3, 2025Reported (Amended) by the Committee on Financial Services. H. Rept. 119-120.Library of Congress
  13. May 20, 2025Ordered to be Reported (Amended) by the Yeas and Nays: 51 - 0.House committee actions
  14. May 20, 2025Committee Consideration and Mark-up Session HeldHouse committee actions
  15. May 13, 2025Referred to the House Committee on Financial Services.House floor actions
  16. May 13, 2025Introduced in HouseLibrary of Congress
  17. May 13, 2025Introduced in HouseLibrary of Congress

Show key steps only

Recorded votes

Sourced
  1. Jul 23, 2025 · HousePassed 381–31
    Iowa: Randy Feenstra yes, Ashley Hinson yes, Mariannette Miller-Meeks yes, Zachary Nunn yes
    On Motion to Suspend the Rules and Pass, as Amended · needed two-thirds
    R 176 yes, 31 noD 205 yes, 0 noEach member · Record