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MAJORITY WHIPLINE: WEDNESDAY, JUNE 16, 2021

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House Meets at… Votes Predicted at…
10:00 a.m. Morning Hour
12:00 p.m. Legislative Business
Fifteen “One Minutes” per side
First/ Last Votes: 2:00 p.m. – 3:45 p.m.

 

ANY ANTICIPATED MEMBER ABSENCES FOR VOTES TODAY SHOULD BE REPORTED IMMEDIATELY TO THE OFFICE OF THE MAJORITY WHIP AT 6-3210.

Floor Schedule and Procedure:

Complete Consideration of H.R. 1187 – ESG Disclosure Simplification Act of 2021 (Rep. Vargas – Financial Services)

This bill includes five pieces of legislation from members of the Financial Services Committee which improve transparency and accountability in corporate governance and protect investors. Each bill passed the Financial Services Committee with unanimous Democratic support.

 

H.R. 1187 requires the SEC to adopt clear, consistent standards for companies to disclose to investors information related to climate change risks, corporate political spending, and worker pay, as well as requiring public companies to disclose profits and foreign taxes paid by their subsidiaries.

 

Click here for bill text.

 

Click here for a one pager from the Financial Services Committee.

 

Click here for a section-by-section from the Financial Services Committee.

The Rule provides for one hour of general debate equally divided and controlled by the Chair and Ranking Member of the Committee on Financial Services.

The Rule makes in order the following amendments and allows for amendments to be offered en bloc:

Burgess Amendment

Requires publicly traded companies to disclose the negative impacts of federal corporate tax increases.

Axne Amendment

Increases disclosures from public companies about their workforce, including information about workforce health and safety, pay, diversity, turnover and promotion rates, and training, as well as companies’ use of contractors and outsourcing.

Frankel Amendment

Requires publicly-traded companies to disclose the number of settlements, judgments, and aggregate settlement amounts in connection with workplace harassment in their annual SEC filings.

Hill Amendment

Strikes the underlying legislation with a study that must be conducted by the SEC to summarize and describe any inconsistencies by the different ESG and climate disclosure frameworks before requiring any type of disclosure from public companies.

Himes Amendment

Requires publicly traded companies to report annually on whether members of their governing bodies (such as general partners or members of a board of directors) have cybersecurity expertise and the nature of that experience. If nobody has such experience, then the company would be required to describe what other aspects of its cybersecurity were considered by the people responsible for identifying and evaluating nominees for governing body membership with NIST and the SEC would defining cybersecurity experience using commonly defined roles, specialties, knowledge, skills, and abilities.

Meeks Amendment

Requires public companies to annually disclose the voluntarily self-disclosed racial, ethnic, gender identity, sexual orientation, and veteran status of their board directors, nominees, and senior executive officers; (2) empowers the SEC’s Office of Minority and Women Inclusion to publish best diversity disclosure practices; and (3) creates an advisory group that would study and report on increasing corporate diversity.

Phillips Amendment

Requires the SEC to study the emergence and viability of coalitions among shareholders who wish to preserve and promote critical employment, environmental, social, and governance standards (EESG) and the significance of shareholder networks with the SEC issuing a report to Congress with its findings, guidance on shareholder engagement activities that are not considered to involve questions of corporate control, and provide recommendations on regulatory safe harbors for engagement with respect to sustainability guardrails.

Schrier Amendment

Requires the Commission, in conjunction with the Office of the Advocate for Small Business Capital Formation and the Office of the Investor Advocate, to conduct a study and issue a report on the issues small businesses face in reporting ESG disclosures with the report including recommendations for the Commission to consider, and should be completed within 1 year of the enactment of the bill.

Wexton Amendment

Directs the Securities and Exchange Commission (SEC) to issue rules requiring U.S. publicly traded companies to disclose annually imports of manufactured goods and materials that originate in or are sourced in part from Xinjiang Province.

Plaskett Amendment

Clarifies that a ‘tax jurisdiction’ includes a country or a jurisdiction that is not a country but that has fiscal autonomy.

 
QUOTE OF THE DAY:

 

“Those who deny freedom to others, deserve it not for themselves”

-Abraham Lincoln

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