This joint resolution nullifies the final rule issued by the Securities and Exchange Commission titled Procedural Requirements and Resubmission Thresholds Under Exchange Act Rule 14a-8 and published on November 4, 2020.
The rule provides additional requirements for the inclusion of shareholder proposals in proxy statements, such as increasing the securities ownership requirements for submitting a proposal and increasing the level of support a proposal must receive to be eligible for resubmission at a future shareholder meeting. (Proxy statements must be filed by a publicly traded company and provided to shareholders before shareholder meetings. Proxy statements contain information regarding matters such as the election of directors and shareholder proposals.)
117th CONGRESS
  1st Session
S. J. RES. 16

  Providing for congressional disapproval under chapter 8 of title 5, 
    United States Code, of the rule submitted by the Securities and 
     Exchange Commission relating to ``Procedural Requirements and 
        Resubmission Thresholds Under Exchange Act Rule 14a-8''.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 25, 2021

  Mr. Brown introduced the following joint resolution; which was read 
  twice and referred to the Committee on Banking, Housing, and Urban 
                                Affairs

_______________________________________________________________________

                            JOINT RESOLUTION


 
  Providing for congressional disapproval under chapter 8 of title 5, 
    United States Code, of the rule submitted by the Securities and 
     Exchange Commission relating to ``Procedural Requirements and 
        Resubmission Thresholds Under Exchange Act Rule 14a-8''.

    Resolved by the Senate and House of Representatives of the United 
States of America in Congress assembled, That Congress disapproves the 
rule submitted by the Securities and Exchange Commission relating to 
``Procedural Requirements and Resubmission Thresholds Under Exchange 
Act Rule 14a-8'' (85 Fed. Reg. 70240 (November 4, 2020)), and such rule 
shall have no force or effect.
                                 <all>
A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Procedural Requirements and Resubmission Thresholds Under Exchange Act Rule 14a-8".
A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Procedural Requirements and Resubmission Thresholds Under Exchange Act Rule 14a-8".
Official Titles - Senate
Official Title as Introduced
A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Procedural Requirements and Resubmission Thresholds Under Exchange Act Rule 14a-8".
Sen. Brown, Sherrod