RESPITE for Businesses Act

Rejecting Extremist Shareholder Proposals that Inhibit and Thwart Enterprise for Businesses Act or the RESPITE for Businesses Act

This bill allows an issuer of securities to exclude a shareholder proposal from proxy statements despite whether the proposal relates to a significant social policy issue. Currently, an issuer may exclude a proposal if it deals with a matter relating to its ordinary business operations unless the proposal raises a significant social policy issue. 

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 3703 Introduced in Senate (IS)]

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118th CONGRESS
  2d Session
                                S. 3703

 To clarify that an issuer may exclude a shareholder proposal pursuant 
   to section 240.14a-8(i) of title 17, Code of Federal Regulations, 
without regard to whether that proposal relates to a significant social 
                             policy issue.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            January 31, 2024

  Mr. Hagerty introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
 To clarify that an issuer may exclude a shareholder proposal pursuant 
   to section 240.14a-8(i) of title 17, Code of Federal Regulations, 
without regard to whether that proposal relates to a significant social 
                             policy issue.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Rejecting Extremist Shareholder 
Proposals that Inhibit and Thwart Enterprise for Businesses Act'' or 
the ``RESPITE for Businesses Act''.

SEC. 2. EXCLUSIONS AVAILABLE REGARDLESS OF SIGNIFICANT SOCIAL POLICY 
              ISSUE.

    An issuer may exclude a shareholder proposal pursuant to section 
240.14a-8(i) of title 17, Code of Federal Regulations, or any successor 
regulation, without regard to whether that shareholder proposal relates 
to a significant social policy issue.
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