01/24/2023 | Press release | Distributed by Public on 01/24/2023 17:17
WASHINGTON, D.C. - Tom Quaadman, executive vice president of the U.S. Chamber's Center for Capital Markets Competitiveness issued the following statement today announcing the U.S. Chamber's support of Representative Bryan Steil's (WI-01) Putting Investors First Act.
"For years, a duopoly of proxy advisory firms have used their outsized influence in the shareholder proposal system to collude with activists to force their preferred policy agenda on public companies - often without regard to the negative impact to the economy and everyday investors. Both firms operate as a black box, without transparency or accountability, including for rampant conflicts of interest. The Putting Investors First Act will stop the SEC rollback of common sense reforms and protect our economy and main street investors."