119th Congress · introduced in the House · May 13, 2025
Enhancing Multi-Class Share Disclosures Act
Official title from Congress.gov
Latest action (Jul 24, 2025): Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
View on Congress.govPolicy area: Finance and Financial Sector
Congressional Research Service summary, version: Introduced in House (May 13, 2025)
Enhancing Multi-Class Share Disclosures Act
This bill requires issuers of securities with multi-class share structures to disclose certain information in any proxy solicitation or consent solicitation material. A multi-class share structure occurs when a company issues two or more classes of shares that have different voting rights. For example, a company may issue one class of shares with no or few voting rights for the public, and another class with more voting rights for company founders and executives.
Under the bill, the issuer must disclose certain information about each director, director nominee, named executive officer, and each beneficial owner of securities with 5% or more of the total combined voting power of all classes of securities entitled to vote in the election of directors. Specifically, the issuer must disclose (1) the number of shares of all classes of securities entitled to vote in the election of directors beneficially owned by such person, and (2) the amount of voting power held by such person.
No cosponsors.
Includes amendment, cloture, and procedural votes. Each is labeled with its exact question; only a passage question is a vote to pass the bill.
House · Jul 23, 2025 · Roll call 217 · Passed
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Motion to reconsider laid on the table Agreed to without objection.
On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 381 - 31 (Roll no. 217). (text: 07/21/2025 CR H3508) Roll call details
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 381 - 31 (Roll no. 217). (text: 07/21/2025 CR H3508) Roll call details
Considered as unfinished business. (consideration: CR H3621-3622)
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
DEBATE - The House proceeded with forty minutes of debate on H.R. 3357.
Considered under suspension of the rules. (consideration: CR H3508)
Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.
Placed on the Union Calendar, Calendar No. 90.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-120.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-120.
Ordered to be Reported (Amended) by the Yeas and Nays: 51 - 0.
Committee Consideration and Mark-up Session Held
Consumer affairs · Corporate finance and management · Financial services and investments · Securities
LD-2 reports whose issue descriptions explicitly cite this bill (bill type and number validated against Congress.gov records). A citation does not establish the client's position or any contact with a member.
Loading lobbying reportsReferred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Actions from Congress.gov, newest first.
Coverage: reports for 2025 onward, posted Jan 1, 2025 through Oct 24, 2026.
7 citations.
CHAMBER OF COMMERCE OF THE U.S.A. · lobbying firm or registrant: CHAMBER OF COMMERCE OF THE U.S.A.
2025 Q4 report (Oct 1, 2025 – Dec 31, 2025) · posted Jan 20, 2026 · issue area: Financial Institutions/Investments/Securities
$17,960,000
Spent on own lobbying
…wth Act of 2025 H.R. 3348, Accredited Investor Definition Review Act H.R. 3351, Improving Access to Small Business Information Act H.R. 3352, HALOS Act of 2025 H.R. 3357, Enhancing Multi-Class Share Disclosures Act H.R. 3379, HUMPS Act of 2025 H.R. 3380, TAILOR Act of 2025 H.R. 3381, Encouraging Public Offerings Act of 2025 H.R…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
INTERNATIONAL CORPORATE GOVERNANCE NETWORK · lobbying firm or registrant: CARLOW CONSULTING, LLC
2025 Q4 report (Oct 1, 2025 – Dec 31, 2025) · posted Jan 18, 2026 · issue area: Financial Institutions/Investments/Securities
Amount not reported
…xy advisors, retail voting programs, and the need for public consultations. Senate correspondence, Committee on Banking, Housing, and Urban Affairs, supporting H.R. 3357, the "Enhancing Multi-class Shares Disclosure Act" which passed the House in July 2025.
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. View filing
INTERNATIONAL CORPORATE GOVERNANCE NETWORK · lobbying firm or registrant: CARLOW CONSULTING, LLC
2025 Q3 report (Jul 1, 2025 – Sep 30, 2025) · posted Nov 10, 2025 · issue area: Financial Institutions/Investments/Securities
Amount not reported
…mission and the Public Company Accounting Oversight Board. Potential bills in the US House and Senate, such as the Enhancing Multi-class Shares Disclosure Act, HR 3357.
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. View filing
CHAMBER OF COMMERCE OF THE U.S.A. · lobbying firm or registrant: CHAMBER OF COMMERCE OF THE U.S.A.
2025 Q3 report (Jul 1, 2025 – Sep 30, 2025) · posted Oct 20, 2025 · issue area: Financial Institutions/Investments/Securities
$13,650,000
Spent on own lobbying
…wth Act of 2025 H.R. 3348, Accredited Investor Definition Review Act H.R. 3351, Improving Access to Small Business Information Act H.R. 3352, HALOS Act of 2025 H.R. 3357, Enhancing Multi-Class Share Disclosures Act H.R. 3379, HUMPS Act of 2025 H.R. 3380, TAILOR Act of 2025 H.R. 3381, Encouraging Public Offerings Act of 2025 H.R…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
AMERICANS FOR FINANCIAL REFORM · lobbying firm or registrant: AMERICANS FOR FINANCIAL REFORM
2025 Q2 report (Apr 1, 2025 – Jun 30, 2025) · posted Jul 22, 2025 · issue area: Financial Institutions/Investments/Securities
$150,000
Spent on own lobbying
…airness for Charities and Educational Institutions Act of 2025" H.R. 3383, the Increasing Investor Opportunities Act H.R. 1469, the Senior Security Act of 2025 H.R. 3357, the Enhancing Multi-Class Share Disclosures Act H.R. 3395, the Middle Market IPO Underwriting Cost Act "H.R. 3422, the Promoting Opportunities for Non-Traditi…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
CHAMBER OF COMMERCE OF THE U.S.A. · lobbying firm or registrant: CHAMBER OF COMMERCE OF THE U.S.A.
2025 Q2 report (Apr 1, 2025 – Jun 30, 2025) · posted Jul 21, 2025 · issue area: Financial Institutions/Investments/Securities
$19,340,000
Spent on own lobbying
…wth Act of 2025 H.R. 3348, Accredited Investor Definition Review Act H.R. 3351, Improving Access to Small Business Information Act H.R. 3352, HALOS Act of 2025 H.R. 3357, Enhancing Multi-Class Share Disclosures Act H.R. 3379, HUMPS Act of 2025 H.R. 3380, TAILOR Act of 2025 H.R. 3381, Encouraging Public Offerings Act of 2025 H.R…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
COUNCIL OF INSTITUTIONAL INVESTORS · lobbying firm or registrant: COUNCIL OF INSTITUTIONAL INVESTORS
2025 Q2 report (Apr 1, 2025 – Jun 30, 2025) · posted Jul 15, 2025 · issue area: Financial Institutions/Investments/Securities
Amount not reported
…isclosures June 25, 2025CII letter to SEC on its June 16 Roundtable on Executive Compensation Disclosure Requirements, Attachment June 16, 2025CII explainer of H.R. 3357 Enhancing Multi-Class Disclosure Act
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. View filing