The record

LegislationLegislation· Jul 2025
HR 3357 Passed House — in Senate

Sponsored by Gregory W. Meeks (D)

Enhancing Multi-Class Share Disclosures Act

Requires companies with multi-class shares to disclose voting power differences in proxy statements.

Tradeoff

Mandates disclosure of voting structures so shareholders see how much power each class holds. No direct fiscal cost identified.

What's in it

See official bill text

Net federal cost is negligible over 2025-2030; SEC estimates $1 million in implementation costs offset by fee increases.

The $1 million is only the federal cost to write and issue SEC rules; the policy's real impact falls on publicly traded companies with multi-class shares, which must comply with new disclosure requirements and pay higher SEC fees.

H.R. 3357, Enhancing Multi-Class Share Disclosures Act · Jul 2025

The House passed this 381-31 on July 23, 2025 — now in the Senate.

  1. House

    Introduced

    (May 13, 2025)

  2. House

    Committee on Financial Services(May 13, 2025)

  3. House

    The Committee on Financial Services voted to send it to the floor

    Reported 51 - 0(May 20, 2025)

    Committee report H. Rept. 119-120.

  4. House

    On Motion to and Pass, as Amended

    Passed(Roll #217 · Jul 23, 2025)

    381 yeanay 31

  5. Senate

    Received from the House

    on Banking, Housing, and Urban Affairs(Jul 24, 2025)

Passage votes so far· Jul 23, 2025· 119th Congress · 2025–2027