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H.R. 8383House119th Congress (2025-2027)In Committee

Protecting Americans’ Savings Act

Sponsored by Zachary NunnRep. Zachary Nunn (R-IA)
Introduced April 20, 2026

AI-Generated Summary

Updated April 23, 2026 at 12:57 PM UTC

The Protecting Americans’ Savings Act would change the Securities Exchange Act of 1934 to tighten rules around proxy voting. It aims to ensure that votes on proxy or consent solicitations are made after independent analysis and not automatically by software or outsourced to unregistered parties. The changes affect institutional investors, proxy advisory firms, and any entity that votes on shareholder proposals.

Key Provisions

  • Prohibits "robovoting," which is the automatic voting in line with a proxy advisory firm's recommendations without independent review.
  • Defines "robovoting" to clarify that it includes both using a proxy advisory firm's recommendations and voting on its electronic platform without separate analysis.
  • Bars institutional investors from outsourcing voting decisions to anyone other than a registered investment adviser, broker, or dealer that owes them a fiduciary or best‑interest duty.
  • Prevents anyone from being forced to cast a proxy vote unless they have a fiduciary duty or are required by specific SEC rules.

Legislative Activity

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HouseIntro Referral Latest Action

Referred to the House Committee on Financial Services.

Financial Services Committee

April 20, 2026

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HouseIntro Referral

Introduced in House

April 20, 2026

HouseIntro Referral

Referred to the House Committee on Financial Services.

Financial Services Committee

April 20, 2026

Bill Text

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Introduced in HouseIssued April 20, 2026

I

119th CONGRESS

2d Session

H. R. 8383

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.

1.

Short title

This Act may be cited as the Protecting Americans’ Savings Act.

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).

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