Democrats introduced legislation to reverse Trump-era SEC regulations that limited small stockholders’ ability to offer proposals on environmental, social, and governance issues, such as executive pay or climate change risks.
Senate Banking Committee Chairman Sherrod Brown’s Congressional Review Act resolution, unveiled Thursday, seeks to repeal proxy rules that the Securities and Exchange Commission completed in September under former Chairman Jay Clayton. The rules raised the criteria—such as the value of stock holdings—that shareholders must meet in order to submit or resubmit proposals that investors vote on at companies’ annual meetings.
“By raising eligibility and resubmission thresholds for shareholder proposals, ...