Representative Waters Proposes Amendments To Freeze SEC Proxy Rules

Representative Maxine Waters (D-CA) introduced three amendments to the securities laws, two of which would freeze certain SEC proxy rulemaking initatives. (The amendments also included the freeze regarding Regulation Best Interest previously covered.) The U.S. House of Representatives passed the amendments to the bill en bloc by a vote of 227-200.

The amendments would:

• prohibit the SEC from revising the proxy solicitation exemption for certain advisors under SEA Rule 14a-2(b) (Amendment #43);
• restrict the SEC from using funds to revise the threshold for shareholder proposals or resubmissions under SEA Rule 14a-8 (Amendment #44); and
• increase funding for the Small Business Administration Office of Entrepreneurial Development by $5,000,000 (Amendment #46).