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House Republicans plan to introduce legislation to roll back the Dodd-Frank Act in mid-February, with the goal of getting it to the House floor this spring, Rep. Sean Duffy (R-Wis.) said.
The latest version of the Financial Choice Act will include provisions intended to increase oversight and transparency of the proxy advisory firm industry, Duffy said Jan. 31 at a U.S. Chamber of Commerce event.
Rep. Blaine Luetkemeyer (R-Mo.) last month told Bloomberg BNA that the House Financial Services Committee is aiming for a mid-February markup of the Dodd-Frank overhaul. The committee approved an earlier version of the bill sponsored by Chairman Jeb Hensarling (R-Texas) last September.
Hensarling has signaled he will make only modest changes to his earlier bill, which would cast aside key components of Dodd-Frank, such as limits on proprietary trading and resolution authority for failing banks. The version approved by the House Financial Services Committee last year would also strip much of the Financial Stability Oversight Council’s authority and the Consumer Financial Protection Bureau’s independence.
The legislation to be introduced in February would require proxy advisory firms to disclose conflicts of interest and require them to be registered with the Securities and Exchange Commission, Duffy said at the Chamber event.
“It will foster greater accountability, transparency, responsiveness and competition in the proxy advisory industry,” Duffy said. “The role of proxy advisory firms in the U.S. economy and in shaping corporate governance is of national importance.”
However, he added that the bill isn’t intended to limit access to proxy advisory services. “In fact, my bill recognizes the importance of these firms to corporate governance and to our economy,” he said.
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